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- Bitcoin price has gained its bullish momentum back
- PlanB’s Bitcoin worst-case scenario has been confirmed
- The currency price level at $28k has been considered as the recovery point
- Following the charts, analysts considered that by the end of the year BTC could cross the benchmark level of $100kk
Bitcoin price has witnessed tremendous gains since last year. In mid-May, the digital currency world faced turbulence due to the Chinese crackdown. However, in recent days it has been observed that the digital currency market has gained its bullish strength back. After fluctuating between the price range of $30k and $40k finally the leading crypto coin has surpassed the benchmark level of $48k. Notably, the asset faced a surge of more than 9% over a day. And hit the price level for the first time since the market crash.
Bitcoin price puzzled several hodlers
The fluctuating Bitcoin price has puzzled several traders in the cryptocurrency market. Moreover, the effect was focused on chartists who were unsure of the next movement. It is observed that as the miners get back and the market bulls gain strength, there is new momentum in the crypto market.
Bitcoin’s worst-case scenario
Notably, the movement of the price has confirmed PlanB, a prominent analyst’s prediction for this month. The analyst had released its worst-case scenario in June. According to the scenario, it was estimated that the price of BTC will cross the level of $47k.
Simultaneously, the analyst has also predicted that the BTC value will be more than $43k in September. In contrast, after September, the price is expected to begin its bullish rally. According to PlanB, in October the price will cross $63 and in November the price will surpass $98k.
Significantly, by the end of this year, the price is estimated to cross the benchmark level of $100k. And it is also forecasted that the. The coin could achieve the $135k mark.
BTC shows some mark of recovery
Observing the performance of Bitcoin prices over the past couple of months, the current mark has been considered as the point of recovery. However, still, for further uptrends, traders’ attitude matters a lot.
If the traders remain optimistic, the price could become range bound between $48k and $52k. Moreover, if the traders stop supporting the coin, the price could fall to $42k. Hence if the sentiments of the hodlers in the market remained at extreme greed, the coin designed by Satoshi Nakamoto will hit a new all-time high.
