user<\/a> pointed out the lack of momentum in the market. With there not being a lot of buy pressure at $40K, driving down the price of the coin into the $30K range. But the buying pressure is high at $30K. This prevents the coin from falling below this critical threshold.<\/p>\nThe lack of momentum in the market has surely been a cause for concern. But sometimes that is a good thing. With no momentum, investors might believe the market has hit its bottom. Then buying back in to not miss this bottom will be the momentum need to drive up the price.<\/p>\n
Featured image from U.Today, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"Bitcoin has had a miserable couple of months since hitting a new all-time high this year. The asset recently broke the $30K resistance level last week and fell down to $28K. Before promptly recovering back up over $30K and trending upwards towards $34K. This is a critical resistance point for bitcoin. Breaking this price could be the beginning of a bear market. Speculations are that Bitcoin could go as low as $10K if the price breaks $30K. Related Reading |\u00a0Crypto Isn\u2019t Money, Annual Economic Report On Bitcoin But what if it never breaks that and stays upwards of $30K? Well, then Bitcoin could be in for another massive rally that could take the asset all the way up to $100K. Bitcoin Price Movements Historically, there has always been a big dip before Bitcoin rallies. The price usually stays within a certain price range for a period of time. Fluctuating slightly between up and down. But never making any substantial movement. After that, the ensuing rally takes the coin usually to a new all-time high. Bitcoin has now spent 17 days trading within the $20K to $30K range. While not a high number, it is the first time that this has happened. This means that there is an air pocket below the $30K line. It explains why traders have been battling to keep the price above $30K. Bitcoin trading in the $30K range | Source: BTCUSD on TradingView.com If the price can hold this line for the next month, then it is likely that we will see $100K per bitcoin by year-end. Holding at a critical point means that there is still faith in the market. People are buying back in because they believe that the coin has hit its new bottom. And that might just be true. Bitcoin has lost over 50% of its all-time high value. A number that usually spells the beginning of a bear market for an asset. But it has not been down long enough for it to be officially called a bear. Nevertheless, if the calls that Bitcoin has hit its new bottom are true, then there is nowhere to go but up. More Likely To Go Up Than Down According to a Bloomberg report earlier this year, Bitcoin price will likely hit $100K in 2021. The Bloomberg Crypto Index claims that Bitcoin is in a resting bull-cap market. So while it might look like a bear market, the asset is just taking a break before its next rally. Vinny Lingham is a well-known name in the crypto space. He is famed for having correctly predicted price movements of coins like Bitcoin, Ethereum, and FIL. Due to this, his predictions carry much weight in the market. Lingham recently posted on Twitter that if Bitcoin could hold the $30K price range, then we could see $100K this year. Related Reading |\u00a0Here\u2019s The Level Bitcoin Bulls Must Reclaim For Setup To $49K Other users chimed in with their opinions under the tweet. With one user even predicting as high as over $150k by Christmas. One user pointed out the lack of momentum in the market. With there not being a lot of buy pressure at $40K, driving down the price of the coin into the $30K range. But the buying pressure is high at $30K. This prevents the coin from falling below this critical threshold. The lack of momentum in the market has surely been a cause for concern. But sometimes that is a good thing. With no momentum, investors might believe the market has hit its bottom. Then buying back in to not miss this bottom will be the momentum need to drive up the price. Featured image from U.Today, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":466316,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,79520,79589],"class_list":["post-466315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtcusd","tag-xbtusd-btcusdt"],"acf":[],"yoast_head":"\n
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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Could Still Hit $100K This Year","url":"http:\/\/wncen.com\/news\/bitcoin-100k-2021\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-100k-2021\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/bitcoin-100k.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/bitcoin-100k.jpeg?fit=800%2C533"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","xbtcusd","xbtusd. btcusdt"],"dateCreated":"2021-06-28T23:30:31Z","datePublished":"2021-06-28T23:30:31Z","dateModified":"2024-06-11T13:56:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Could Still Hit $100K This Year\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-100k-2021\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-100k-2021\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-100k.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-100k.jpeg?fit=800%2C533\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"xbtcusd\",\"xbtusd. btcusdt\"],\"dateCreated\":\"2021-06-28T23:30:31Z\",\"datePublished\":\"2021-06-28T23:30:31Z\",\"dateModified\":\"2024-06-11T13:56:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/bitcoin-100k.jpeg?fit=800%2C533","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/466315"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=466315"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/466315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/466316"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=466315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=466315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=466315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}