Bitcoin has been caught in the throes of immense volatility as of late, with buyers losing their edge over its price action as it continues to drift down towards the lower-$30,000 region, which is around where it has been trading throughout the past few weeks.
Where the entire market trends next will undoubtedly depend on Bitcoin’s reaction to its $30,000 support, as a break below here could prove to be dire for the entire market.
The selling pressure seen in the mid-to-upper $30,000 region has proven to be quite intense and may continue hampering its growth for days to come. This may also place continued pressure on the aggregated market, as altcoins are all facing intense weakness at the present moment.
One economist is now forecasting some range-bound trading for BTC around its current price levels and expects this to come about before the crypto can rally to $50,000.
“My BTC short-term view after long deliberation and some flip flopping is rangebound in 30K-40K until the curve and vols come off a further. Then, 50K. I wouldn’t be surprised if 30K is briefly breached but the risk is to the upside. Those calling for 20K missing the big picture.”
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