Despite all the shattering records, Bitcoin quickly lost its hold on the record price and started to decline before the end of the previous year. The coin gradually reached its lowest as a result of a number of circumstances, including China’s restriction on bitcoin mining and the Terra meltdown.
The flagship currency is currently trading at $20,870 and has successfully resisted the $20k mark for quite some time. Despite being 70% below its all-time high, investors continue to believe in bitcoin.
If the largest cryptocurrency by market cap intends to end the year over $30k, it may reach the $25k mark in November. Although it would be difficult for the coin to exceed $30k in a single month, the price of the token might rise with the support of investors ready to start the new year with investments in bitcoin.
If investors maintain their bullish sentiment, bitcoin may surpass the $30k mark and reach about $32,000 before the end of the year. Otherwise, given the price has been remaining steady so far, it’s reasonable to anticipate that the coin won’t fall below the $20k mark.
Investors look for profit
Data from Crypto Quant indicates that there was a rapid transfer of large amounts of Bitcoin into exchanges. Additionally, stablecoins have recently been submitted to exchanges, which may be an indication that investors are about to open short positions. It’s also an indication that the investors want to profit from the prospect of a price correction.
“Right back near the range lows, don’t know if this 1 pump until it gets close to the end of a mini cycle (usually the case). Not a fan of currently buying this thing, I think it just chops for a while.”
At the time of writing, BTC is trading at $20,458 and is down by more than one percent in the last 24 hours.
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