In last two week we have seen a fluctuation in the price of Bitcoin as at one point it looked like it will drop to $50k but quickly it rebounded back and crossed $71k once again and now it just under $70k. What do you think would be the next zone, will Bitcoin rally towards the long awaited $100k mark or dip towards $50k? I know no one can speculate or predict it accurately but just share your thoughts with any valid reasons behind it.
Before the Bitcoin halving it looked like maybe the Bitcoin market would go over $100k after the Bitcoin halving. But after the Bitcoin halving, Bitcoin tends to decrease rather than increase. Bitcoin is currently at 63 thousand dollars and from here Bitcoin can take two types of turning especially if the price increases then it can go to 100k dollars and if the price of Bitcoin decreases it can go down to 50 thousand dollars.
It's because of the news about the approval of Bitcoin Spot ETF that pushes the price to a new all time high. Now it settled down, but no worries, halving is done and it's just a matter of time before the price goes on a parabolic rise.
Yes, it is still at $63k, but that is obviously very high still after the halving, and it seems though that after a week, price has settled down a bit with no movement at all. But it doesn't mean that we won't be seeing any action. It's just the investors might be holding back for now. We just need that one good news to get the market going again and most likely it will come in the next couple of months and my prediction is that after the end of the month we might see 6 digits for the first time.
The same thing is happening, as per there are another thread about the Hongkong spot bitcoin ETF approval and it says that we might see the same cycle as the US. When we heard about the US approval, we thought that the price will go up immediately, unfortunately it did not. We have to wait for several months before we can actually see the impact of the approval. And so there is this thought that it might be the same with the Hongkong approval although the market in Hongkong is not as big as the US. Regardless though of what is happening around, this is just a big test for us again. Price is below $60k now, and it could down as low as $50k was what the OP could have though after the halving.