whale_2019Member
Posts: 27 · Reputation: 187
#1May 26, 2021, 09:41 AM
A bunch of analysts, crypto and finance reporters, plus some YouTube personalities, all seem to think that for us to confirm the bottom, Bitcoin's price needs to hit the 200 moving average, and that it might drop below 60K. A lot of folks are even betting it'll go as low as 50K.
Some of them mention that besides just grazing that long-term, steadily increasing line, Bitcoin has actually dipped below it before, suggesting it should hang out in that accumulation zone during this bear market.
This leads to the question of whether we’ll actually touch that line again soon.
Considering where we are price-wise, the sheer panic we saw when we hit 60K, and the bounce back to around 70K, I can't help but think we might actually get a pleasant surprise this time especially after so many letdowns with BTC not hitting those higher targets since the bull run ended in late 2017.
Of course, there are still big risks with the current price consolidation. As I type this, we keep facing resistance just under 70K. But if nothing catastrophic happens, I’m feeling optimistic that this moment could be different. I don't think we'll experience another drawn-out bear market like we did in 2022/2023, since a lot of different investors seem ready to scoop up BTC while it’s at what many see as a good discount.