According to a report on the internet, recently, bitcoin dropped drastically and went below the level of $53,332. It all happened within one week and changed the whole cryptocurrency market. We can expect that the cryptocurrency market would enter the bearish phase, but this did not happen.
At the beginning of this week, Monday morning, bitcoin started to recover. It experienced a sharp recovery in its prices which led the investors to believe that bitcoin had started its rally towards the $90,000 mark. Is it true? According to the reports and historical data, it is proven that whenever there is a drastic fall in the prices of cryptocurrencies, they come back with a boon. This time, the increase in bitcoin prices is significant, and it can reach people’s expectations.
In mid-October, bitcoin started to increase its price. However, this was the best face for bitcoin this year. Whosoever purchased bitcoin at the lowest price of October has made it thousands of dollars now. Also, it is essential to know that there has been a significant increase in bitcoin prices after a fall.
In November, bitcoin reached its all-time price of $59,000, which is never matched by any cryptocurrency in the world. However, right after reaching its all-time high price, it started to decline. It has gone down by 20%, which allowed it to enter the bearish phase. However, the phase did not remain for a long time, and it started to recover again.
Now, bitcoin has been valued at more than $58,000, which shows that it has started its rally towards the $90,000-mark, good news for cryptocurrency investors.
When there is a regular flat correlation in the bullish phase of the cryptocurrency market into three waves down, it goes back into three ways high. Therefore, there is a five-wave pattern of 3-3-5, and it is considered the BTC complete part.
Some of the premium cryptocurrency trading members believe that BTC is going to reach its ideal target zone. It has gone down to the lower risk swing trade, and now, it has started recovering. Also, cryptocurrency trading will materialise soon, and it is again going back to its September target zone, which says that it may reach the $90,000 mark.
Other indicators also show that crypto currency’s following resistance levels stood at the $75,000 mark, reaching within the beginning of this month. Apart from this, cryptocurrencies have a history of recovering faster when a drastic fall in their prices.
On Monday, bitcoin prices were increasing, but still, the market valuation was lower. According to the low number of cryptocurrency holders yesterday, it is expected that bitcoin can reach 105K dollars to 110K dollars. According to the statistical data on various indicators, the range of high-level prices between September and mid-October is longer than the higher price waves of June to early September.
Therefore, the intermediate wave degree is more minor. The former is longer, which makes a correlation between the both and says that bitcoin will face an increase in its prices for a more extended period now. The alternate options available in the market other than bitcoin also have a significant increase in their prices. The second most popular cryptocurrency also experienced a price hike, showing that altcoins will get a better price.
The main reason behind the massive dip in the prices of the major cryptocurrencies is the evolution of the new Coronavirus. The variant has spread in several countries, which has created a panic among investors.
Just like the wave of Coronavirus in 2020, it is expected to affect the whole world the same way. The investors do not want any losses in the cryptocurrency market, and therefore, most of them are withdrawing their money. However, as bitcoin showed positive responses to discovering a new Coronavirus variant, many investors are purchasing the dip from bitcoin-up.live.
The right time to purchase any cryptocurrency is when it has the lowest price in the market. To conclude, it would be sufficient to say that cryptocurrencies are a better investment option whenever the prices are lower because they get a better price in the future.
If you get a chance to invest in something, go for the most valuable cryptocurrency or go according to your budget. It will never disappoint you, and just like bitcoin, you may also get a reasonable price like $69,000 within a couple of days.