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BTC $43517.97 (3.00%)
ETH $3027.68 (4.53%)
USDT $1.00 (0.03%)
BCH $540.95 (2.38%)
BSV $152.58 (2.31%)
LTC $160.14 (3.70%)
BNB $376.74 (4.89%)
ADA $2.23 (8.55%)
DOGE $0.22 (6.16%)

BTC Marching Towards $40K Levels After The $28K Dip

BTC Marching Towards $40K Levels After The $28K Dip
  • Bitcoin experienced another dip reaching the $28,000 levels.
  • In the past 12-hours, Bitcoin is showing an aggressive price increase.
  • Bitcoin might smash the bullish price of $40k.

On Tuesday, Bitcoin experienced another dip reaching the $28,000 levels. Clearly, the world’s largest cryptocurrency showed a bearish trend the past few days. However, looking at the charts, BTC is heading towards $40,000 level again.

BTC Chart Source: Tradingview.com

In the graph above, we can see that BTC suffered a major price fall in the past few days. Specifically, Bitcoin recorded a decline rate of -15.5% in the past 7-days. This is the result of the left and right issues faced by Bitcoin around the world.

However, in the past 12-hours Bitcoin is showing an aggressive price increase from its bearish state below $30k. If this uptrend performance continues, the price of Bitcoin might recover in no time. Furthermore, if the crypto will be able to repeat its price pump in the past month, Bitcoin might smash the bullish price of $40k. Of course, this will all be possible if the bullish market continues to favor the crypto.

Of note, one of the reasons for the price drop is due to the statement by the Agricultural Bank of China last June 21. The financial institution states that it prohibits the use of virtual currency transactions such as Bitcoin. Currently, BTC is trading at $34,099.19 with a 24-hour trading volume of $64,176,302,560.

Previously, Andrei Stanciulescu of Sublime Traders also predicted that Bitcoin is likely to reach $80,000. However, he also warned that BTC could fall as low as $15,000 before rebounding. The prediction is based on resistance levels Bitcoin is forming on its downward spiral. Thus, Andrei claims these levels will later act as key catalysts that will push the top crypto to $80,000.

Meanwhile, a Twitter account recently tweeted data comparing the number of BTC users to internet users. Based on the data, it shows that the amount of BTC users is roughly the same as the world wide web had 20 years ago—back in 1997 when the Internet was at an early stage. Hence, people need not worry about Bitcoin at all when it is experiencing a rough market crash.

Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.