While Bitcoin (BTC) was finally going to exceed $ 53,000, it lost $ 4,000. The $53,000 resistance, which it could not cross over the weekend, may cause the price to sag to $45,000 or even lower. So why is Bitcoin falling so fast?
Wall Street Up, Bitcoin Down
With the Wall Street opening on December 28, Bitcoin dropped as low as $48,000. The pair had surpassed $52,000 the previous day. Seeing the highest level of the last three weeks, BTC will now break the pressure of the sellers, but the opposite happened.
Popular trader Pentoshi points to $44,000 as a potential floor in case the downtrend accelerates. Blockware’s lead analyst, William Clemente, identified a potential repetition of behavior just after 2017’s all-time high, which turned an entire year into a bear market. In the Twitter comments, he warned investors that a similar situation may occur.
Today, when the S&P 500 reached its all-time high of 69, Bitcoin entered a reverse correlation and turned its direction down. The rise of stocks often pushed the BTC price up.
PlanB Announces New BTC Target Today!
Until the end of September, when PlanB was mentioned, a prophet with superhuman abilities came to mind. He told us what would happen in July, August, September and even October, the price targets he gave were met one by one. By November, everyone was already prepared for a Bitcoin price of over $ 90,000. This time it was not expected, the target postponed to December will fail again if there is no great miracle in the remaining few days.
But PlanB still believes that the S2F modeling it shares will work. Sharing the standard deviation band one hour ahead, the popular old seer believes the price will move between $50,000 and $200,000. Unfortunately, the price is below $50,000 at the time of writing, but don’t judge the line on this chart for daily or hourly closes.
Saying that the price can reach $ 200,000 in the ongoing cycle, the analyst believes that the next cycle will be between $ 500,000 and $ 2 million. According to this chart, the price seems to be about to break the bottom.