Since its introduction to the World, Bitcoin has been one of the few disruptive innovations of the 21st century.
From changing the way transactions occur to the introduction of the new and exciting System of Cryptocurrencies and blockchain technology; Bitcoin has been a game changer in more ways than one.
The recent price surge which brought it and the whole crypto verse from the doldrums has made many to wonder if there is going to be any major reversal just like in previous times.
To be able to predict if such a reversal is possible, one would have to consider major price action points of the cryptocurrency from a technical perspective and the fundamentals driving such.
Bitcoin is poised to break its current resistance of $11,641, However, should it not happen, it will have a support fallback of $8.4k
Based on this, it is safe to say for now that Bitcoin is ranging to break out of the $11k zone.
Now if and when that happens, then Bitcoin is going to face the following price action points which will help it to propel its way forward; provided that the institutional interest remains strong.
Also, we might all be pleasantly surprised to see Bitcoin beat everyone’s forecasts due to renewed retail interest and mass adoption.
A price action point at $16,100 based on an advancement of 38% using Fibonacci ratios is quite possible. This, of course, opens the break out phase where it will try to go above $20k again.
It is expected that once the cryptocurrency utilizes the $16k price point as support, from there it will be able to take off towards $18,700 which is 61.2% of the original break out point from $11k.
If Bitcoin can beat this price, then it won’t have a hard time crossing to $22.3k which will herald the wild ride of summer that everyone is expecting.
All the above-described scenarios are based on the fact that the current fundamentals remain strong and that other fundamental factors such as widespread adoption also come into play.
So, in answer to the question, if Bitcoin will fall to previous levels, it is rather highly unlikely due to fundamentals playing a greater role in price determination rather than speculation.
What do you think? Will Bitcoin ever go back into the doldrums again?
Please let us know in the comments below!