Will Bitcoin Reach $4200 Before Stabilizing at $6900?

Bitcoin by Sal Miah  | 1 month ago
Bitcoin, BTC
2 min read

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.

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.

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