Home Bitcoin News Bitcoin Bitcoin Rebounds Above $9400 Mark Again, What Lies Ahead For Bitcoin Market?

Bitcoin Rebounds Above $9400 Mark Again, What Lies Ahead For Bitcoin Market?

  • Famous Crypto analyst, Joseph Young believes that this week is going to be interesting as several factors may affect the price of Bitcoin.
  • The 20% increase in the average block time means that Bitcoin is trying to restore its network while trying to cope up with the inefficient miners.
  • Other than difficulty adjustment, the 10000 USD restrictions, bitcoin is supposedly
    at risk of the triple top dating back in October of 2019.

According to some Crypto analyst, this week is going to be very interesting when it comes to Bitcoin. The experts also suggest that we might see a great dive in the price of Bitcoin. It may very well jump under the 9000 US Dollars mark.

Anticipation Of Bitcoin Price By Crypto Experts

Famous Blockchain and crypto expert, Joseph Young believes that this week is going to be interesting as several factors may affect the price of Bitcoin. On the other hand, the CEO of Blockware Mining, Matt D’Souza, as well as the founder of BuffetsBooks.com, Preston Pysh, thinks that the price of Bitcoin may jump down the 9000 level mark because of the major issues in difficulty adjustment. Nonetheless, they have one piece of advice in common. This will be a crucial time for people to invest in Bitcoin.

Young has enumerated several reasons that would favor the steep fall of Bitcoin’s price. One of them is difficulty adjustment. After the recent third Halving of Bitcoin, it has experienced its first difficulty adjustment. Post Halving, the difficulty was somewhat reduced from 16.1 trillion to 15.4 trillion, which was good news for the miners who have barely survived the market. The block time had declined from 560 seconds of average block time for the 1000 blocks when it further declined to 680 seconds per 1000 blocks after the Halving. The 20% increase in the average block time means that Bitcoin is trying to restore its network while trying to cope up with the inefficient miners. However, the upcoming difficulty adjustment of 16.25% anticipated being the biggest since 2018.

The Trends Ahead

Other factors include the 10000 USD resistance. Historical resistance is price points. They have acted as support and resistance in the past. In the case of Bitcoin (BTC), it has been 10000 US Dollars resistance throughout 2018, 2019, and seems like this year too.

In a recent tweet by @iamjosephyoung, Other than difficulty adjustment, the 10000 USD restrictions, bitcoin is supposedly at risk of the triple top dating back in the October of 2019. The triple top is that situation when the price jumps down from the third top to the last bottom of the three peaks. Bitcoin faced such a condition in 2019.

In a recent tweet shared by Matt D’Souza, He expressed views saying that the BTC market will face pressure in the coming weeks. He thinks that the price could be as low as 9500 USD and predicts that the range would be somewhat between 7600 USD and 9000 USD.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

Hacked Crypto Exchange KuCoin Has Retrieved Most of the Stolen Funds, Co-Founder Says

Most recent updates about #KuCoin Security Incident: So far, 84% of the influenced resources have been recuperated by means of approaches like...

Cryptocurrency Akoin of “Cryptographic Urbanization Plan”, a significant advance in the serious clinical territory of ​​West Kenya

Akon and MMTC author Julius Mwale said in a joint assertion, "MMTC's presentation of Akoin makes way for a huge number of...

Top Banking Regulator describes Benefits of Bitcoin and Cryptocurrency to US Senate

The cryptocurrency has become a famous instrument for sending and accepting installments for merchandise and ventures since exchanges post progressively and give...

Is Monero Entering Into a Potential Consolidation Phase After Retracing From $125?

Monero is unable to revive its positive momentum after a sharp negative divergence from the price level of $125.00The XMR/BTC pair is...

Take Out a Crypto Loan with Bitfinex Borrow

Bitfinex Borrow enables borrowers to use crypto holdings to secure a crypto loan that can be used for trading or be withdrawn...

XRP Bulls Unable to Hold Levels Above $0.260 Signaling for Potential Consolidation

XRP price levels were able to break above the crucial mark of $0.260 on Tuesday's market session as the community had buy-back...

Related News

Top Banking Regulator describes Benefits of Bitcoin and Cryptocurrency to US Senate

The cryptocurrency has become a famous instrument for sending and accepting installments for merchandise and ventures since exchanges post progressively and give...

3.5 Billion Yen Bitcoin Seized by Dutch Police

Dutch Police have seized 2,500 Bitcoin, which is about 3.5 billion Yen involved in money launderingTwo men and women have been arrested...

UNI Slipping Continuously Making New Lows

UNI stands at $2.38 making new lows of $2.29 over the monthly chart resulting in the formation of a falling channel pattern The...

MIOTA Trading Red Drops -1.95% As BTC Soaks Positive Momentum

The coin trading at the level of $0.2689 with loss of -1.95% forms a rising wedge patternIOTA market capitalization stands at $753,427,676...

BTC Bulls Reclaims $13k Again to Retest the Resistance of $13200

The world’s largest cryptoasset has again reclaimed the crucial mark of $13k sustaining its positive momentumThe BTC dominance is also sustaining its...