Bitcoin price will probably never be below $ 6000 again

The Bitcoin price action is rather lackluster as it enters the weekend, mainly trading sideways in a relatively tight trading range between $ 7,000 and $ 7,700.

Today, BTC had generated some hot price increases that allowed it to rise to $ 7,400 before it met some resistance that caused it to fall slightly. If Bitcoin closes above $ 7,340, the rally can extend further.

At the time of writing, Bitcoin is trading up slightly at the current price of $ 7,290, marked a remarkable increase from a recent low of just over $ 7,000 set during the sharp decline on December 27, and down slightly from the daily high of $ 7,400 that was set just a few hours ago.

Bitcoin price 2

Source: Trading View

Over the past few weeks, Bitcoin’s bulls have made a lot of effort to push the asset to the region above $ 7,000. Still, each of these efforts has encountered considerable selling pressure that has led to the formation of large wicks (usually a sign of price drop).

Even so, the bulls were able to defend BTC from a return to the $ 6,000 zone, which means buyers can push cryptocurrencies sooner.

Popular analyst Jacob Canfield explained that $ 7,340 is important. If the BTC price can close above this level, it can be confirmed that the bulls are currently in control.

It is important to note that some analysts believe that the current price of Bitcoin will be a long-term peak for cryptocurrencies. Another analyst, Storm, recently stated that BTC is now looking like ‘toppy’ (reaching unsustainable highs).

Bitcoin price will never be below $ 6k again

The Head of Capriole Investments Charles Edwards claimed Bitcoin had entered a potential 50x profit cycle.

Edwards stated that he found an extremely rare indicator of Bitcoin’s network difficulty, “Hash Ribbons,” and it has been proven that it only happened ten times in the history of blockchain.

According to him, it is highly likely we never see BTC under $6000 ever again. All other occasions saw an average gain-to-cycle-peak of +5000%. Now is the period to Buy Bitcoin and never sell.

Bitcoin price 3

Returns of the Hash Ribbon Indicator

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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