Bitcoin is currently trading at $56,500 as it continues its medium-term downtrend since the $69,000 high earlier this month.
The world’s largest cryptocurrency remains in a consolidative posture as investors begin to cash in on the recent surge from $40,000 to a new record high.
Open interest continues to pose a threat to bullish investors, with it keeping above $18bn despite the recent move to the downside.
This means that a continuation to the downside could cause a cascade in liquidations, which would pile on sell pressure into the low $50,000 region.
However, it’s worth noting that Bitcoin has a habit of suffering 20 to 30 per cent corrections even during the most bullish cycles, a 30% correction from the high of $69,000 would take Bitcoin to it’s age-old support of $48,500 – so this could provide a temporary floor over the coming months.
Going lower than that in the short to medium term would indicate the cycle is ready for a multi-year consolidation period, commonly known as a bear market.
Downside targets for these periods are typically at least 80% lower than the record high for Bitcoin, which would take it to a price of $13,800.
If it can snap the current downtrend on significant volume, Bitcoin will likely benefit from a bullish stock market with a new all-time high in Q1 of 2022 appearing likely, although these next four weeks will be key.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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