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Here’s Why Bitcoin Is Likely Never Dropping Below $45K
The recent surge in the Bitcoin price has raised hopes among investors and traders alike. The cryptocurrency has broken through several resistance levels, and its upward trajectory shows no signs of slowing down. In light of this, I’d like to revisit a statement made by Adam Back, a well-known cryptographer and Bitcoin skeptic.
Back stated that he thinks of the 200 WMA as the price floor if one takes out volatility. Notably, the Bitcoin price has never gone below this moving average in a bull market. Given the current market sentiment and the cryptocurrency’s strong momentum, it’s likely that Bitcoin will continue to push upward and not drop below $45K.
The recent price jump has coincided with the S&P500 reclaiming its 200-day moving average. This suggests that there is a correlation between the two assets’ performance, which further reinforces the notion that Bitcoin is unlikely to fall below the mentioned threshold.
Additionally, CryptoQuant data indicates that the recent price pump is leverage-driven, meaning that there could be a cascade of liquidations if the market were to correct itself. However, given the current momentum and investor sentiment, it’s more likely that Bitcoin will continue to rise rather than plummet.
In conclusion, Adam Back’s statement suggests that the 200 WMA serves as a price floor in bull markets. Given the recent surge and the correlation with the S&P500, it’s unlikely that Bitcoin will drop below $45K.
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Source: https://u.today/heres-why-bitcoin-is-likely-never-dropping-below-45k
