At the time of writing this article, BTC has a value of $48,046 (1% increase today) with a trading volume of $34,074,109,538 with an increase of about 12% over the past 24 hours. The king is slow to move today and as a result, the other coins have also been slow to move. As long as BTC consolidates, we can see some coins pop one after another but of course, no one goes against it.
BTC is listed on coinmarketcap in 1st place. The rightful place for the king. It has a market dominance of about 40.36%. BTC had created its all-time high around the price of $69k. It later dropped to the price of $42 from where it showed reversal. The highest it went today is around $48,472. It has a circulating supply of about 18.9M. It has a total supply of about 21M.
Technical Analysis
As we showed in the last analysis that you can find here, we said that BTC can range for a while in the range that we have drawn. Fast forward to 30 days later, the analysis is still valid and we have seen BTC consolidate within the range. The price now has done a number of fake-outs that had trapped both the buyers and the sellers in the range.
Different points should be taken into consideration. One is the mitigation area that is also a confluence to the break of structure. We can see that the price has been consolidating for a while. Now we can look for the price to go up and mitigate this level from where we can expect a drop in the price.
Now the price can then drop to the lower level from where we can expect a reaction. lower time frame confirmations should be taken into consideration before taking an entry.
Price Prediction – Bitcoin (BTC)
The coin also seems to have a good future. Walletinvestor expects a value of $83,233 by the end of the year and positive growth throughout the next five years. In 2025, it is expected to be around $211,092. A lot of traders had been bullish regarding the price of bitcoin and expected that it would reach $100k before the end of the year. Yet here we are with the price of BTC trading below $50k. But now it seems that a lot of them were wrong.
