Ninjastic
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Board Bitcoin Discussion
Re: The Bitcoin market is back on track
by
jeraldskie11
on 02/05/2023, 13:24:36 UTC
Quote from: Patrol69 on April 26, 2023, 01:52:14 PM

2023-04-14 14:00,
Bitcoin touched its all-time high of $31K which is the 2023 market high. When the market reached $31K we had an idea that the Bitcoin market would soon reach $100K.
Thinking like this, suddenly the market was running down gradually. At other times, the market usually goes down very slowly, but during this period, the market started to go down very quickly and gradually, on 23-04-24 at 22:00, the price of Bitcoin reached $26,942.

After reaching $26,942, the Bitcoin market started to turn positive again. And by today very quickly the Bitcoin market reached $30,036. 

Basically I do not understand the reason for so much volatility in the market. Is this volatility a good sign of the market or a bad sign of the market?
The Bitcoin All Time High was around $69k, and it happens in November 2021. $31k was just a highest high of 2023, as of today. Any time soon this high will be broken. We all believe that the price of Bitcoin will going to reached $100k but it's not that quick. In my own analysis in the market, there's a higher chance that if $31k will not be broken, the price will retrace to $22k - $24k before it breaks the previous high and create a new high.

Aside from that, the reason why the price reached $30k drastically after touching $26k was because of so much demand in that area.