What to know:
- Bitcoin has twice closed within 2% of $100,000, on Nov. 21 and Nov. 22.
- Historically, it’s taken 15-30 tries for bitcoin to break through the psychological barrier of a round number.
- The $80,000 and $90,000 thresholds bucked the trend.
As a seasoned crypto investor with battle scars from the market’s rollercoaster rides, I have learned to respect the psychological barriers that seem to hold Bitcoin back more than traditional finance could ever dream of. The $100,000 mark is a prime example, and as we watch it dance just beyond our grasp, I can’t help but feel like a kid at an amusement park, reaching for that elusive cotton candy on a stick that keeps spinning out of reach.
People in general have an emotional side, and this is particularly true in cryptocurrency markets. Compared to conventional finance, significant numbers are often given more weight, and investors and traders might be prone to quick selling when price growth halts close to a number with multiple zeroes at the end.
Simultaneously, certain traders aim to predict and take advantage of trends before they fully materialize, strategically arranging their orders in a way that could potentially trigger those trends to occur, thus making the predicted outcome a reality on its own.
For instance, consider the case of Bitcoin (BTC), which has once more failed to surpass the supposed $100,000 selling barrier. Previous assessments suggested reasons such as profit-taking, panic selling among short-term investors, and insufficient demand for pushing bitcoin upward. However, it’s intriguing – even beneficial – to explore if there’s a consistent trend at play.
Examining past price trends using information from Glassnode reveals that significant price levels often need several tries to be surpassed, as this research focused on trading behavior when Bitcoin neared a 2% threshold of multiples of $10,000.
For the first time in December 2017, Bitcoin surpassed a certain level and stayed above it for the first time. After this peak bubble burst, BTC experienced a bear market until 2020, consistently failing to exceed $10,000. It approached this barrier 21 times before finally breaking through. This was one of the longest periods Bitcoin remained within a specific price range according to earlier analysis.
For every additional $10,000 increase in price, it consistently closed within a range of 2% for 15 to 30 occasions before surpassing that level. This pattern held up until the price reached $70,000.
After Donald Trump’s victory in the presidential election in November, the trend became clear, and bitcoin surged past $80,000 on several occasions, reaching as high as $90,000. However, this peak proved to be an obstacle that eventually collapsed.
As a crypto investor, I find myself pondering over the current situation where my $100,000 investment remains uncharted. Interestingly, Bitcoin (BTC) has previously closed within just 2% of that figure on both November 21 and November 22. This leaves me wondering: Will we revert to a long-term trend that saw around 20 previous attempts, or could this be the third instance where the charm holds true? The anticipation is palpable as I watch the fluctuations in the market.
Read More
- SUI PREDICTION. SUI cryptocurrency
- COW PREDICTION. COW cryptocurrency
- Exploring the Humor and Community Spirit in Deep Rock Galactic: A Reddit Analysis
- KSM PREDICTION. KSM cryptocurrency
- WLD PREDICTION. WLD cryptocurrency
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- Clash Royale: Is It Really ‘Literally Unplayable’?
- „I dismissed it out of hand.” Ben Affleck directed a movie that Matt Damon didn’t want to star in because of a bad script
- Nicole Kidman: ‘I’ve Always Said I Want to Work With Martin Scorsese, If He Does a Film With Women’
2024-12-03 16:29