According to Cointelegraph Markets Pro and TradingView data, after descending severy days, BTC price now retracing to $55,600. This drop is caused by a combination of factors, from the spreading of low-quality coins, to the negative point of view from Elon Musk, and China’s policy on crypto services.
This decrease has been pushing the pressure on investors, especially fresh ones, leading them to sell off BTC to take profit.
Reports might not sound encouraging, but when having a closer look at the monthly price, we saw that BTC may reach the threshold of the monthly close level near $58,728. With November looking ever more likely to break with tradition and underdeliver compared to recent months and old bull market years – traders and analysts are gearing up for a nerve-racking but potentially interesting monthly close.
As a result, some believe that BTC price targets can be reached by the end of the month, but there is still be plenty of volatility, so others predict that this bull market will take longer to rise up than previous ones.
Is There Any Chance For BTC Price To Reach A Climax?
A Twitter account named TechDev posted this chart to show the similarity of current market with 2017 price action.
Following by TechDev chart, we see that BTC is likely repeated its 2017 fluctuations. If everything happens exactly the same as in 2017, there will be a new sky-high phase arrive soon.
What To Do When The Crypto Market Is On A Downtrend?
For fellow traders and analysts, pullback is what needed to increase the odds of fresh upside returning in the following weeks. There have been plenty of huge spikes followed by dropping in Bitcoin’s price. Bitcoin will have a clear path to reach new highs soon.
Unstable price is more reason for investors to play a steady game. If you’re buying for long-term growth potential, then don’t worry about short-term swings.
Kiana Danial, founder of Invest Diva, said: “If you let your emotions get too much into it then you could sell at the wrong time, or you might make the wrong decision”
So be patient, keep your investments small, and never let the up and downturn of Bitcoin price affect your long-term investment strategy.
That’s all for Bitcoin Price overview in the last 2021. For more analyses and predictions check out this link.