Bitcoin has momentarily passed $44,000, stretching its streak. After weeks of struggling between the $42,000 & $44,000 range, the currency had reached the $45,000 level yesterday, 25th March 2022 before plunging back to the $44,000 range.
Bitcoin Price Analysis
At the press time, Bitcoin is trading at $44,400 with an increase of 0.96% in the last 24hrs. It is to be noted that BTC price has gained around 6% in the last seven days & 20% in the last 30 days.
BTC/USD climbed to an intraday high of $45,046.08 on Friday. Currently, bitcoin is primed to head into a retracement to set a higher low over the weekend. The flagship currency might find support at $43,200 as local resistance was previously seen there.
If BTC price sets another higher low and the $45,000 mark gets broken, we expect more upside over the following months. Thus, this is a crucial level to watch next week.
More Downside For BTC Price
Bitcoin is manifesting a trend indicating that the currency may maintain its recent gains. On the flip side as per Mike McGlone, senior Bloomberg strategist there are chances that Bitcoin will crash before reaching a six-figure price in the coming months.
As per the excerpts from a video interview, McGlone predicts that the flagship currency is most likely to see itself at a key support level of $30,000 before skyrocketing towards $100,000 marking a gain of 230%.
The Bloomberg strategist also compares Bitcoin with stocks & says “if Bitcoin follows stocks in a downward trend, Bitcoin will drop but gold will continue outperforming and later Bitcoin & gold will come out ahead. Whereas if stocks head north, Bitcoin will follow.”
McGlone feels that Bitcoin is the highest quality investment in the crypto space. The key thing about Cryptos is that they are speculative. Bitcoin is the gold in space & it’s still speculative and the currency needs to be shaken a bit before the currency leads itself towards recovery.
He is of the opinion that we are early days in the storm and says people can’t always use the buy-the-dip mantra and make money. At some point, they need to give and then buy.
“Amateurs Are Buying & Pros Are Selling “
McGlone believes that the pros are the people who run the real money as they are selling when the price rallies & the amateurs are buying the dips & says
“ I just wish them luck because you have seen the pain in the market & especially when you come to trading pits you see the real pain. My best advice could be to try just not to lose money & don’t fight the fed.”
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