The current $4000 price peak for Bitcoin is one that precedes a ton of speculation as regards to where the big bull is headed. The $4000 mark was a highly anticipated milestone from Bitcoiners and the entire cryptocurrency community at large and it is no surprise why.
While BTC’s $4000 breakout which happened on the 16th of March shows a promising head start for the coming weeks which is soon to fall into April, traders have remained concerned about the possibility of a downturn.
Seeing that Bitcoin is trading at $4079 at press time, a very unpredictable price that is just as likely to increase as it is to decrease, this might just be a replay of the past two months, both of which had the big bull trading at a fair $4000 range until it stumbled and took a downturn back to the $3000 mark.
However, the most recent price movement from the past 24hrs is showing a more promising pathway for the Bitcoin community, one that reflects the possibility of Bitcoin hitting the nearest resistance levels while maintaining the $4000 mark.
As at yesterday, the Bitcoin chart showed that BTC was making a correction as reflected by the ascending trend line which placed the coin between the $4000 and $4050 level has now moved the coin to $4079 leaving it with only a few dollars to hit the new resistance levels of $4100 and $4200.
Once BTC makes it up to this point, the bulls are likely to set in while price continues to take an upsurge. As promising as this may seem, the cryptocurrency market just might take another route.
But whether or not this happens, BTC’s continuous up climb shows more than any short term rally, the fact that the big bull is capable of as much momentum required to enable it to return to the $6000 mark and upward.
