Is Bitcoin Possible to Reach the $5000 Level?

Throughout 2019, the cryptocurrency market was in an upward trend. The value of Bitcoin, Ethereum, Ripple, and others increased. Bitcoin reached a high level on June 27 at $13,700 and has declined since then, amid many comments that Bitcoin is bringing back 2017 again. It surprised the world with its strong rise near the $20,000 levels, then suddenly and quickly fell to reach the $3,200 level.

Throughout Bitcoin's history, it has had many recurring patterns. While they are not easily recognizable in its early stages, they become clearer as they continue to develop. Since September 24, Bitcoin has been trading within a range between $7,700 and $8,700. Within the confines of a descending triangle from which it would be normal to exit.

Bitcoin
Bitcoin

Bitcoin has failed to gain any significant buying pressure over the past few days after facing a sharp influx of selling pressure that sent it reeling into the lower-level region of $8,000, where it currently rests at the psychological support level of $8,000. XM Arabia After it managed to find enough support to stop its decline.

Bitcoin is currently trading at $8,300, which represents a notable rebound from its recent highs of $8,900 that were set last week.

Bitcoin ended a volatile week at $8,282, an increase of 5%, but it is still far from its highs above $8,800. Some attributed this recovery to a huge rise in trading volume for Bitcoin futures on the Bakkt platform, and then Bitcoin fell modestly again. in the weekend.

In the near term, it is very likely that the currency and Bitcoin markets will experience significant volatility. We could see Bitcoin at $7,900 on the downside or $8,600 on the upside.

Analysts believe that Bitcoin breaking the important psychological support level of $9,000 with ease increases the chances of Bitcoin reaching the $5,000 levels, especially since Bitcoin has already fallen below the $8,000 level, so there is a possibility of reaching this level because everything is possible with digital currencies at any time. Anytime and anywhere.

Market experts believe that the main reason for the digital market abandoning a large portion of funds is the strength of the US dollar, US stocks, and Treasury bond yields, which prompted Bitcoin to abandon the psychological support level of $9,000. This comes in conjunction with the regulatory measures taken by governments against digital currencies in Led by the United States, following Facebook’s announcement of the launch of its new digital currency, Libra, which would put significant pressure on Bitcoin prices.

Mohamed Abdel Khaleq

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