Bitcoin Market Overview Bitcoin price-performance was excellent during the past week, especially during the weekend…
Bitcoin continues to recover and jumps above the $43,000 level
Bitcoin responded well towards the end of September trading to the latest price drop at below $41,000 but quickly rose above $43,000, while most other cryptocurrencies continue to move indecisively, with the exception of BNB, which gained more than 8 % to more than $370.
Bitcoin regains the level of 43000
The Bitcoin has faced high volatility in the past few days, and this enhanced volatility continued until trading yesterday (September 29th), when the leading crytocurrency fell below $41,000 for the second time in a few days.
However, the pressure is not over yet with yet another drop in prices, which pushed it to a new low of $40,800, the situation changed fairly quickly again and Bitcoin soared in just a matter of hours, as the coin added nearly $3,000 in value. It reached an intraday high of $43,800, though, rebounding several hundred dollars and trading at the $43,000 level.
As a result, the market capitalization of Bitcoin rose to over $800 billion, while the dominance of altcoins increased to just under 43%.
Keep the $40,000 level
Over the past period, Bitcoin managed to maintain the significant support level of $40 thousand, despite the negative news regarding the crypto market, macro risk and dollar appreciation, the leading cryptocurrency has shown resilience by holding $40.7 thousand several times in the past week.
$40.7K is a very important level to maintain, as it is the deepest drop that Bitcoin can reach To complete the corrective wave, a drop below $40.7K will increase the probability of a retest of $40K or the possibility of a pullback to $37.3K due to liquidations or More risk in global stocks.
The price expectation is $90,000 in late 2022
One crypto expert believes that the price of Bitcoin awaits a bumpy road, but it will eventually reach the price of $90,000 by the end of 2022, when it is believed that its price will drop to $16,000 on its way to an all-time high.
As expectations indicate that the value of the US dollar for the most popular digital currency will go through major setbacks and will remain highly volatile for the next several months, and speaking of the exact numbers, some analysts expected its price to drop to $21,000 and even $16,000, bearing this in mind, while advising Experts advise that investors should not deal with Bitcoin as of now because its downtrend can last one year but may also last for eight years.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.