Bitcoin price initially climbed as high as $21,000 before hitting resistance and dropping back towards $20,000.
For now, it is necessary for bitcoin to cross the 200-week MA and settle at least near $22,000 to act as a support range.
According to CoinMarketCap, the leading cryptocurrency was last trading at $21,283, up 3.49 percent from the day before.
V. BTC will tripledifferent?
By 2023, according to Mark Palmer, an analyst at BTIG, bitcoin could reach $95,000, more than three times its current value.
This year MicroStrategy Inc. Analysts remain optimistic, despite the decline in shares.
Palmer has set a $950 share price objective for MSTR stock, which is five times higher than MicroStrategy’s closing price of $170.
According to Binance CEO Changpeng Zhao in an interview with The Guardian, bitcoin could hit an all-time high of $70,000 within a few months to two years.
Is BTC Oversold? Is $13k Down?
Skybridge founder, Anthony Scaramucci, told the Collision conference in Toronto on Thursday that bitcoin (BTC) is “technically oversold” at the moment due to rapid adoption across more and more industries and a rapid increase in wallet activity.
Bitcoin (BTC) fell 84% and 85% in 2013 and 2017, respectively, and analysts are questioning whether it will continue to face declines of that magnitude.
The $20,000 price cut is still significant. If a similar decline is experienced this time around, the price of bitcoin could drop to around $10,000.
According to Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, bitcoin could go as low as $13,000, which would be about 40% less than its current price.
While the price of bitcoin rose 90x and 20x in 2013 and 2017 respectively, the price only increased 10x in 2021.