Krutika Adani
The price crash in the first week of this month has revealed that Bitcoin has strong support at $55,000.
Above the $55,000 level, Bitcoin can be considered to be in a bull market. Experts have also identified $45,000 and $40,000 as strong support levels.
According to Peter Brandt, Bitcoin’s current price trends closely resemble its 2016 post-halving behaviour.
Fed interest rates, geopolitics, Japanese markets and ETF demand remain strong factors impacting Bitcoin’s price.
Bitcoin might cross $60,000 in the near future. On the downside, Bitcoin might fall to $50,000 if a similar crash occurs.