Analysis from Bitcoin Blockchain shows it May Surge to $56k or Plunge to $43k

With the ongoing downtrend in terms of price for Bitcoin (BTC), the entire cryptocurrency industry has its eyes set upon the largest crypto asset. As of now, the price of Bitcoin is hovering at a price around $48k per BTC. 

However, the analysts are hoping to see Bitcoin cross the $50k per BTC in the upcoming days. On the other hand, the bears are aiming to bring the price of Bitcoin to a lower figure. At present, several Bitcoin price predictions are coming from the analysts’ end in terms of its price.

Some predictions from the analysts are supporting the upward trend for Bitcoin while some predictions are advising otherwise. In the upcoming days, the true nature and trend for Bitcoin would unravel. That is the time when the cryptocurrency community will come to know where the price of Bitcoin actually stands. 

CoinMarketCap, a major cryptocurrency guide has recently shared its predictions for the uptrend and downtrend for Bitcoin. It is currently not known where the price of Bitcoin may end up in the upcoming days.

The data provided by CoinMarketCap shows that at the time of writing, the price of Bitcoin is $48,785.29 per BTC. The data from CoinMarketCap shows that in the past 24-hours, the price of BTC has increased by 2.17%. 

As for the trading volume for Bitcoin, it is currently hovering at $28,079,928,510, following a 10.02% plunge. This means that after high selling for Bitcoin, the bears have finally given up. This means that from this point onwards, the price of BTC may experience a rise.

However, the $50k per BTC may prove to be a strong benchmark where the bears may give a very tough time to the bulls. 

As the bulls manage to bring the price of BTC closer to the $50k price, they will need to put in extra effort in order to push it above the resistance point.

If the bulls manage to make it happen, then the bulls will increase their buying power. The next target for the bulls would be to push its price over the $56k per BTC benchmark. 

On the other hand, the price of BTC may also end up experiencing a downtrend. Although the bears may have ended their selling frenzy for BTC, they would give a hard time to bulls at $50k per BTC.

It is expected that the bears may increase their buying power at $50k per BTC figure. The bears are expected to intensify their selling power just as BTC comes close to the $50k price. If that happens, then the bears may attempt to bring it below the $45k price, and then $43k per BTC.

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