Bitcoin Price Hard Crash Or Mega Pump: Why $31,000 Holds The Key
13 November 2023 - 11:00AM
NEWSBTC
The Bitcoin price has been trading in a tight range around the
$37,000 price level through the weekend. This tight trading
suggests that there is a lot of fighting going on right now between
the bulls and the bears as each camp tries to gain an upper hand
over the other. As this tug of war continues, a crypto analyst has
presented the most important level that will determine whether the
bulls or the bears will claim dominance. $31,000 Is The Magic
Number For The Bitcoin Price Crypto analyst Ben Vouh took to
TradingView to share their analysis of where the price of Bitcoin
will be depending on whether the price stays above or below
$31,000. According to the analyst, this level is the most important
determinant factor for whether the Bitcoin price will continue its
uptrend or crash back below $20,000. Related Reading: Crypto
Analyst Confirms Dogecoin Price Breakout – Here’s The Target The
two scenarios presented include whether the Bitcoin price closes
the week above or below $31,000. If Bitcoin were to close the week
below the $31,000 level, then Vouh expects a massive crash to
follow. This crash could see the price fall to $18,400, as
illustrated in the analyst’s chart. Source: Tradingview.com For the
second scenario, if the Bitcoin price is able to close the week
above $31,000, then the crypto analyst expects the uptrend of the
last few weeks to continue, putting the top above the $42,000 mark.
This would translate to another 20% move for the cryptocurrency’s
value. Source: Tradingview.com The crypto analyst highlights the
fact that the Bitcoin Fear & Greed Index is sitting very high.
At a score of 72, the crypto market is firmly in greed, which is a
sentiment score that has often preceded crypto market crashes.
Given this, the analyst advises investors to be careful during this
time. “I would recommend to just hodl and wait,” Vouh said. BTC
Starts Out The Week On A Slow Note With the new trading week
opening up, the Bitcoin price has not exactly started off on the
most bullish note. It is trading below $37,000 as of the time of
this writing and is seeing 0.46% losses on the daily chat. This
could mean that investors are currently watching to see what
happens next before making their next move. Related Reading: New
All-Time Highs For Bitcoin In 2023? Analyst Shares Ultra Bullish
Prediction The Fear & Greed Index has reached its highest level
in 2023 so far, with a score of 74 on November 6. While prices have
not begun to tank, there could be a crash on the horizon as the
analyst points out. One example of this was on April 16, 2023, when
the Fear & Greed Index reached a peak of 68. In the next few
days, the price would fall around $3,000, dropping from above
$30,300 to below $27,400. The same was the case on July 12 when the
index hit 64. This marked the top of the rally and the BTC price
would go from $31,000 to below $26,000. BTC price performance over
the year 2023 | Source: BTCUSD on Tradingview.com Featured image
from The Daily Hodl, chart from Tradingview.com
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