Bitcoin has been facing intense volatility over the past month, which first began when it incurred an explosive rally that sent it from $7,300 to highs of $10,600. In the time since this occurred, BTC\u2019s bears have been firmly in control, erasing nearly all of the gains that were produced in this rally.<\/p>\n
In the short-term, analysts are noting that it seems nearly inevitable that BTC will dip below $5,000, but the long-term outlook still looks incredibly bullish, with one industry insider saying it is all but guaranteed that Bitcoin will eventually see $100,000.<\/p>\n
Currently, Bitcoin<\/a> is trading up just under 2% at its current price<\/a> of $7,300, which marks a notable climb from its daily lows of $6,700 that were set during the recent sell-off.<\/p>\n BTC\u2019s strong bounce from these lows signals that there is a significant amount of buying pressure here, which may bolster its near-term price action.<\/p>\n Despite this, analysts still believe that a sub-$5,000 movement is imminent, which would cause Bitcoin to drop towards its 2018 and 2019 lows that sit within the lower-$3,000 region.<\/p>\n Harry, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that he is current watching for a break below BTC\u2019s near-term support, which he believes will lead it to plummet below $5,000.<\/p>\n \u201c$BTC – an update on the longer term view for BTC, price action suggests that the dip below $5k is inevitable now, so many good short selling spots along the way,\u201d he explained<\/p><\/blockquote>\n $BTC<\/a> – an update on the longer term view for BTC, price action suggests that the dip below $5k is inevitable now, so many good short selling spots along the way x https:\/\/t.co\/yBEMdy9pwp<\/a><\/p>\n — Harry \ud83e\ude9d\ud83c\udff4\u200d\u2620\ufe0f (@HaraldoXRP) November 23, 2019<\/a><\/p><\/blockquote>\n\n