Will Bitcoin Reach $4200 Before Stabilizing at $6900?
As the year nears its end, some analysts are giving bleak predictions about the price of Bitcoin. Earlier in Nov, Bitcoin had seemingly reached its bottom and some expected new highs by the end of the year; however, the price of the cryptocurrency never picked up the pace as was expected.
Now, it seems that a bearish future is upon the cryptocurrency market given the worrying trend some analysts have highlighted recently.
I'm not seeing much to be bullish about and I won't rule out $4200 in the long term
If $6.9k area is unable to hold then $6.3k area will be visited. $6k support could fall right through as it didnt provide resistance on the way up, but seems more likely to bounce there pic.twitter.com/KWkQjAx9qy
— NebraskanGooner📈 (@nebraskangooner) December 9, 2019
According to Nebraskan Gooner, Bitcoin has failed various test levels and could be on its way to $4,200. Also, the rising wedge lines depicted on the chart indicate that a downward trend is more likely.
Others even believe that $4,200 may fail to hold, leading to a further decline in the price of Bitcoin.
Next Bitcoin Move Is Finely Balanced
In the last 2 or 3 weeks, the price of Bitcoin has remained relatively constant, trading within a narrow range, according to statistics by CoinMarketCap.
The stagnation period being experienced is likely the market preparing for any factor that will influence the direction of the price of Bitcoin.
It is expected that factors such as the halving will positively push the price of Bitcoin; however, some have a different opinion.
We are bottomed out alredy…. this is base forming in bitcoin.
Market is in bearish euphoria, and disbelief that halvening is in…
— MMD (@btcvision2024) December 9, 2019
Community members such as btcvision2024 believe that the market may be bearish as a result of the approaching halving. The halving is expected to bump up the price of Bitcoin but that outcome is not set on stone.
The market could still defy the bearish sentiments and use the stagnation as a consolidation phase to jump-start its bullish run.
Featured Image Source: Alpha Coders
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org