Bitcoin Dips to Four-day Low Amid Volatility; Experts Predict a Six-figure Future
Summary:
Bitcoin's (BTC) price slipped to four-day lows on May 28 following unexpected holiday market movements, leading to disappointment among bulls. An unexpected fluctuation saw BTC linger below $68,000 after previously surging to weekly highs of $70,600 without institutional involvement. The volatility coincided with a $7 billion BTC movement from wallets linked to Mt. Gox. Despite attenuation of this progress, traders keep positive expectations for BTC's future, based on broader price range observations, foreseeing a return to the rising channel and a potential six-figure valuation.
Bitcoin's value experienced a dip to four-day lows on the morning of May 28, leading to some disappointment amongst bullish investors. This came after the holiday market fluctuations of Bitcoin or BTC showed unexpected trends.
In-depth data obtained from Cointelegraph Markets Pro and TradingView depicted BTC, the digital currency, lingering below the $68,000 mark, after having ratcheted up to its weekly apex. A surge to approximately $70,600 during the U.S. Memorial Day holiday did not involve institutional participation, like the demand for spot Bitcoin Exchange-Traded Funds (ETFs).
Regrettably, Bitcoin's newly attained vigor could not sustain for long, and the market receded, nulling the progress made. This capricious behavior was noted alongside an alternating movement of Bitcoin - worth about $7 billion - from digital wallets associated with the defunct marketplace, Mt. Gox.
"Credible Crypto," a popular trader, expected a full reversal of the recent surge on social media platform X (originally called Twitter). He added, "It will be intriguing to gauge the reaction at these low points."
The most recent insights from CoinGlass, a tracking resource, underscored liquidity clusters around the current price, with $67,000 being the closest point of significance downward. In response to the market movement of the preceding day, another trader, "Daan Crypto Trades," pointed out an optimistic change in market architecture - a reduction of leverage.
"All positions initiated during the previous day's fluctuation have been eradicated and the funding rate is back to a neutral state," he said, sharing a chart of open data interest on X. He observed, "As long as BTC remains within its expanded range, we are likely to witness this low timeframe volatility continue."
Unperturbed optimistic predictions for BTC's price trajectory remain despite facing the hurdle of surpassing the all-time 2021 highs of $69,000 and the anticipated journey to $73,800 this year as reported in this CoinTelegraph piece.
Well-known trader, "Jelle," portrayed a mere consolidatory structure in the monthly timeframes, despite the absence of an upward impetus since March. Discussing further, Jelle examined a broader BTC price range, dating back to the middle of 2017 - when BTC reached a record-breaking high of $20,000 in two cycles.
Jelle posited, "For the last 6.5 years, Bitcoin has been operating within this ascending channel, and this is unlikely to shift soon. Using history as a guide, it's time for another upwards journey within the channel - a six-figure Bitcoin is on the horizon."
Notwithstanding, this piece does not endorse or present investment advice or recommendations. Investment and trade moves incur risk, and readers should undertake independent research prior to making a decision.
Published At
5/28/2024 12:36:09 PM
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