Since it dropped below $30,000 just two weeks ago, Bitcoin has been rising. It saw this price rise without any negative effects during that period. Bitcoin’s 10-day green streak is over as its price now falls below $40,000. Although Bitcoin’s price did reach $42k, it was unable to stay above that level. Altcoins also followed the trend and fell sharply. After Bitcoin corrected gains, Ethereum reached $2700, but then fell to $2550.
Bulls like daily green candles and price rises without resistance. This kind of market is not sustainable. Markets need to adjust from time to avoid a complete collapse. When Bitcoin continues to fall, we all shout manipulation. However, when markets continue to rise without any corrections, it’s obvious that the truth isn’t being faced by anyone.
If it can hold above $39300, or the 200 daily EMA to remain bullish, then this is a positive sign. If these levels are maintained, Bitcoin could rise to $42k within a few days. Altcoins also saw positive gains over the past week, and are correcting their losses now. Some held onto these gains very positively following the Bitcoin retreat. Others saw lower lows.
The bull run is not over.
Even though the market isn’t looking all that bullish, it doesn’t mean the bull run has ended. Although this isn’t financial advice, I have a logic you might find useful. There is an increasing amount of Bitcoin being taken off exchanges and the illiquid supply keeps rising. The price of Bitcoin could rise to $100k if there is a supply shock during the third quarter of 2021 and the first quarter of 2022. It is essential that Bitcoin’s price rises above $30,000. Bitcoin’s 10-day green streak is only the beginning. This supply shock could lead to even greater gains over the next few days.
What do you think about Bitcoin’s 10-day green streak? Do you believe that the recent correction is good news for Bitcoin? Please let us know your thoughts in the comments section below. If you find our content useful, please share it with friends.