#BTC
Bitcoin panic: Prices fall again, where do investors go?
Bitcoin has fallen 9.5% since its high of $66,498 on September 27, and now trades at around $603,000. This has left many investors wondering if Bitcoin's price adjustment is over, or will it continue to fall?
Bitcoin has fallen so much, is the adjustment over?
Bitcoin has fallen nearly 10% from its high on September 27, and now trades at around $603,000. Although it rose during the Asian trading session on Thursday, it fell another 2.05% during the London trading session.
Bitcoin fell again today
The price of Bitcoin fell another 0.65% today. A cryptocurrency analyst named Crypto Capo said the market "looks heavy" and he expects Bitcoin to fall another 10% to 20%, which means it may fall to $48,000 to $54,000. However, he did not say he would sell his Bitcoin, but was hedging just in case.
But some people hold different views. For example, Trader Mayne of Breakout proprietary trading company thinks there may be a rebound. He is willing to buy Bitcoin between $602,000 and $58,000 and expects it to rise to $61,000 to $63,000.
There is also a person called RektProof, who expects Bitcoin to rebound between $592,000 and $572,000 and then rise to $70,000 or higher.
What will happen to Bitcoin next?
If the situation in the cryptocurrency market changes and the historical performance in the fourth quarter begins to emerge, Bitcoin may rebound around $594,000. This price is the annual VWAP and key support level. If it can hold, Bitcoin may continue to rise and break through the $64,000 to $65,000 barrier.
Investors need to be prepared for two things: one is that Bitcoin rebounds from $594,000 but fails to break through $630,000, which may lead to a drop to $550,000 or lower; the other is that Bitcoin rebounds from $594,000 and breaks through the $65,000 resistance level, which means the bull market is back and may even rise to a record high of $73,777.
In addition, the 30-day MVRV indicator also shows that investors have begun to make profits.
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