Bitcoin Could Retest $30,000 Level
Bitcoin (BTC) is currently experiencing a bullish sentiment, with its price above $50,000. However, there is still uncertainty about its next move. Cryptocurrency trading expert Gareth Soloway suggests that Bitcoin could potentially drop and retest the $30,000 mark if the stock market undergoes a correction of 20% to 30%. Soloway sees this as an accumulation opportunity and believes that Bitcoin behaves as a risk asset, experiencing sell-offs during broader market declines.
Concerns Over Market Frothiness
Soloway also expresses concern about the current sentiment on social media, comparing it to the behavior seen during the previous Bitcoin market top. He warns against speculative behavior and the assumption that any investment choice will lead to gains.
Possibility of Bitcoin Reclaiming Record High
While Soloway anticipates a price pullback, he does not believe Bitcoin will reclaim its last record high of almost $69,000 before a potential correction. However, he acknowledges long-term fundamental reasons to be bullish on Bitcoin.
Broader Market Dynamics Driving Rally
Soloway attributes the recent Bitcoin rally to broader market dynamics rather than specific factors like the spot ETF or halving. He emphasizes the role of money and risk assets in driving Bitcoin’s recent gains.
Bitcoin Price Analysis
At the time of writing, Bitcoin is trading at $51,669 with a daily gain of nearly 1% and a weekly gain of almost 8%. Technical analysis shows bullish sentiments for Bitcoin, with indicators signaling a ‘buy’ or ‘strong buy’ stance.
Overall, while there is potential for a price correction in Bitcoin, the hope is that it will maintain its valuation above $50,000 and potentially reach a new all-time high.
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