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Bitcoin Price Back Above $100K—Will it PullBack for Higher Low or Dive Into Deeper Correction?
The price of Bitcoin has surpassed the psychological barrier of $100,000 once again, fueling speculation about its future trajectory. The question on everyone’s mind is whether this new high will be a precursor to another correction or the start of an even more substantial upswing.
As we approach the new all-time highs, the sentiment among traders and investors has become increasingly bullish. While there are still skeptics who believe Bitcoin’s price is unsustainable at these levels, there are equally convincing arguments that the cryptocurrency will continue its upward trajectory.
The recent surge in institutional investment is a key factor that could drive Bitcoin further upwards. This increased interest from large-scale investors can be attributed to the growing recognition of Bitcoin as a store of value and hedge against inflationary pressures. Additionally, this influx of capital has given rise to a significant increase in open interest, which could further fuel the rally.
In the near term, we are likely to see an immediate correction or consolidation, as traders take profits from the recent rally. It is possible that this correction might be deeper than previous pullbacks due to the extreme volatility seen during the last week’s action. If Bitcoin fails to break out of the current levels and instead corrects lower, a retest of $80K could occur.
In the event of such an occurrence, we would likely see investors buying back in at these new support levels, potentially driving the price back up to $100K once more. This scenario would be especially likely if we were to see significant developments in institutional investment and the introduction of more Bitcoin ETFs.
However, it is also possible that this correction could signal a change in sentiment towards risk-taking, which could ultimately lead to a deeper correction or even a significant decline. The key factor determining the course of action will be the price action itself, as well as any potential news driving the market’s direction.
In conclusion, while Bitcoin has surpassed $100K once again, it is essential for traders and investors alike to stay vigilant and adapt their strategies according to the cryptocurrency’s price movements.
Source: coinpedia.org
