Hello readers,
I hope you are enjoying the weekend with your family and friends and also tackling your way during this long ongoing ever-lasting crypto winter. With BTC currently being traded at 26k and alt-coins also near their lowest value, the crypto community is still holding up with their confidence with a wish to experience the bullrun in near future. Bitcoin is no doubt the most famous cryptocurrency in this modern world, bitcoin also had a remarkable journey through in this world of finance since its birth a almost 2 decades ago. But for around last 700 days, after when Bitcoin reached its all time high value of 68k$, since then it is on a never ending downtrend with all the alt-coin taking along with it. In this Inleo article, I will talk of Bitcoin's price history with its impressive all-time high (ATH) of $69,000 around March 4, 2021 and following by a cold bear season in its path till today at October 14, 2023.
Recently a news came into light about a famous Crypto analyst named Jason Pizzino, a respected voice in the cryptocurrency community with his loyal 290,000+ YouTube subscribers about when Bitcoin could potentially reach a new ATH. While it is certainly not easy to give a pinpoint an exact date, Pizzino suggests that during late 2024 or at least we could possibly say early 2025. But probably sometime after second half of 2024, Bitcoin may initiate a new bull market cycle and that could even go beyond the previous ATH made it 2021. The discussion among experts is pointing towards the latter half of 2024 may be a bounce back time for BTC.
Now, To understand where Bitcoin stands at the current time, we must keep an eye on its recent short term price movements. Pizzino advises that Bitcoin needs to regain its support level above the $27,300 price mark. This marks around the exact halfway point for the last uptrend movement and is a critical target for most bullish investors. The main for BTC is to continue consolidate around this level and test $28,400 once again in the upcoming time.
However, if Bitcoin fails to perform such action and gets unable to rise above $27,300 pricepoint, it may start the event for another downward movement, testing the $26,000 mark which will prefer as the next support level. if it fails to stay in there, then A further break below $26,000 could lead to further declines, with a significantly lower support level at $24,900 and another support critical level at $23,600 getting activated. There the 2 sets of possibilities right now for BTC and only time will tell which one it will follow.
The story of Bitcoin's price history is the one with tremendous highs and lows which represents a regular long time market scenario of any cryptocurrency. While the timing of the next ATH for BTC still remains uncertain, Mr. Jason Pizzino's insights offer a certain amount of hope for those who believe in Bitcoin's true potential and the important of blockchain technology. And for the uptrend part, no matter whether it happens in late 2024 or early 2025, cryptocurrency enthusiasts will continue to hold and accumulate and day by day, more people will joining this space making the crypto world more and more adapted and bigger.
In case you are into the investing world for quite some time now, you must admit that it's essential to stay informed with up-to-date news and make decisions only based on thorough in depth research and an understanding of the volatile market. You should always keep an eye on the short-term targets of the Bitcoin if you want to trade, especially around the $27,300 level in order to gauge the Bitcoin's possible direction in the near future. It is no no-brainer that the cryptocurrency market is dynamic and volatile and staying informed the the current situations is one of the major keys for making well-informed decisions.
On the other hand, our Hive chain is also doing unexpectedly better during the long bear season and while the most alt-coins are down by 70-80% at least, the hive has been successful in maintaining a good price even in this downtrend. It is currently being traded at 0.309$ per unit and its all-time high was above 2.5$ but that stayed for a very short amount of time. Hopefully, with Bitcoin price gaining value gradually over time, we may expect a bullrun in Hive and the layer 2 tokens in this chain as well, such as LEO, DEC Bee etc.
