Bitcoin’s Dangerous Path

Analysts and experts are chiming in as Bitcoin struggles to reach levels that might indicate a recovery. Some analysts believe that Bitcoin could move back down to $34,000 if it struggles to reach $37,000 and remain there for a significant period of time. This speaks to investor sentiment which seems to be more volatile than normal. However, analysts are bullish given the fact that the U.S. dollar is dropping, which could give Bitcoin a boost. An interesting tweet from crypto analyst Justin Bennett noted that “Every other comment on my YouTube channel is someone waiting/wishing for $30k. It would be the first time in a long time that retail gets exactly what they want.” Taking these sentiments a step further, Kaleo said that Bitcoin could start dropping again if it cannot get back to the intraday high on Tuesday of $39,300. At press time, Bitcoin was down almost 5% on a 20% increase in volume and a 5% loss of its market cap. Even so, ratings for Bitcoin remain high, and the token remains a topic of constant buzz as the global market waits for it to recover.