It’s been a rollercoaster week for Bitcoin after it unexpectedly rushed forward toward the $40,000 resistance level and over it 10 days ago. It hit a high of over $42,000 on July 30 before the price began consolidating. It’s still a far cry from the June lows of under $30,000, with the price in the past 24 hours fluctuating between drops of a few percent.
Currently trading at around $38,000, Bitcoin is down over 4% from last week. That’s mostly because of regulatory concerns and the fact that China has put Bitcoin buyers on the backburner. The pullback is expected to mature in coming weeks after which Bitcoin is expected to clear $42K and go on a run toward $50K.
More Optimism for Ether
Experts are currently more optimistic for Ether than Bitcoin. The world’s second-largest cryptocurrency has been doing pretty great lately, with the ETH/BTC ratio on the upside. Ether could soon find support at the $2.3K – $2.4K level and establish an upward momentum that could last for a long time. Furthermore, the upcoming Ethereum 2.0 could push for a retest of the crypto’s all-time high which was around $4,000.
According to some experts, Bitcoin’s upside might be short-term, while Ether’s is in for the long run. If Bitcoin fails to find support around the $37K mark, users should hold on for long squeezes.
Many crypto investors took notice of Bitcoin’s recent spike and made profits of just over $2 billion. It suggests that the recent spike in the world’s largest cryptocurrency was only a bearish relief rally. After a period of negative sentiment, Bitcoin is one the upside once again, trading high last week.
While the price is under $40,000 once again, it’s only a matter of time before investors buy the dip that could take the price higher.
Doubled Price in September?
While it’s still a long way off, Bitcoin’s latest 43.5% rally included 10 consecutive days of gains, the longest streak of its kind in a long time. According to some analysts, the price could go to the moon pretty soon.
If history repeats itself, BTC’s price could go up over 100% in the next month or two. Some experts have noted September 21 as a very important date where we might see Bitcoin heading for $80,000. All these claims have been based on the halving, which most recently took place in May 2020 and turned out a non-event.
On the first Bitcoin halving in 2013, it took the coin 326 days to establish a new record. On the second in 2016, the peak came over 520 days later. The latest massive price jump is projected for September 21 this year and coincides with the latest run and the 10-day bullish fractal period.
The most optimistic experts believe it’ll hit six figures just before the end of 2021. The current Bitcoin cycle is more similar to 2013 than 2016, and if the claims are correct, those who bought the dip could be in for quite the surprise soon.