Bitcoin price today 9/11: Plunging without brakes, where will Bitcoin go?

Bitcoin price today: Bitcoin sinks into the “sea of ​​fire”

In the past 24 hours, the Bitcoin price suddenly plummeted and lost more than 5% of its value. The world’s most valuable virtual currency is still under strong selling pressure and fluctuates around $19,700/dong. Thus, after about 2 weeks of exciting trading above the $20,000 mark, even surpassing $21,000 at one point, the Bitcoin price returned to the starting point.

Many professional traders think that Bitcoin is losing momentum as it cannot defend the $21,000 price point. If the downward momentum is not contained, the Bitcoin price could drop further.

However, some think that this drop is necessary to let off steam after the impressive series of sublime days of the previous week.

Bitcoin price update

On the Coindesk exchange, at 3pm on November 8, Bitcoin price traded at $19,776, down 5.1%.

Statistical data over the past 24 hours shows that the world’s most popular and valuable virtual currency fluctuates between $19,373 – $20,889 (lowest price – highest).

According to CoinMarketCap, Bitcoin trading volume reaches about 67.6 billion USD, market capitalization at 380 billion USD.

Bitcoin price plummeted, causing many virtual currencies to also decrease, of which Ethereum fell 6.3%, Dogecoin fell 13.92%, Cardano fell 5%, Polygon fell 6.76%, Binance coin fell 3.93%, XRP fell 7.74%….

The market capitalization of the whole market pulled back to 983 billion USD, down 4.7%.

On Vicuta, Bitcoin price is currently trading at 486 – 511.8 million VND (buy – sell).

Bitcoin price prediction

Some crypto experts even believe that the price of Bitcoin is likely to continue to fall. While Bitcoin’s recent price movements have reduced its dependence on the stock market, the correlation between the two assets is still very high.

Earlier, Joe DiPasquale, CEO of crypto asset management firm BitBull Capital, said that Bitcoin’s inability to break above $20,500 has caused the price of the leading virtual currency to fall. In the short term, the bears continue to exert pressure as most coins remain in the red zone. In fact, the overall trend has also appeared many factors that hinder the next move of the leading virtual currency.

Bitcoin price downtrend may continue while market sentiment dips. Many traders will probably sell to avoid losses instead of deciding to “hug” Bitcoin waiting for the price to rise.

The co-founder of digital asset trading and research firm Reflexivity Research, William Clemente, also warned that it is still too early to confirm that the Bitcoin price trend has changed.

“A spike in selling pressure could push Bitcoin price below $20,000 before momentum picks up again,” commented one trader.

However, according to some experts, it is more likely that Bitcoin price will move higher and target $22,000. In the event of a high bull run, Bitcoin could hit $25,000.

Cryptocurrency analyst Philip Swift believes that the current bear market will end in early 2023. Meanwhile, famous cryptocurrency commentator Jim Messina believes that the price of Bitcoin may once again reach $ 60,000. . Mr. Messina believes the financial system will be reshaped with the help of blockchain technology and digital assets.

Michael Saylor, an expert from MicroStrategy, said that the Bitcoin price could hit $70,000 in the next four years. Even this expert once predicted that the Bitcoin price could skyrocket to $ 500,000 in the next decade if it matches the market capitalization of gold.

Similarly, many professional traders think that the Bitcoin price is still doing well during the current bull run and could rise for many more sessions. According to veteran cryptocurrency trader Scott Redler to this point, the largest cryptocurrency appears to be breaking out of a descending triangle pattern. Meanwhile, trader Jake Wujastyk believes that Bitcoin appears to be on track towards $24,000-$25,000.

Bitcoin can be a safe haven when the global economy declines, the world’s geopolitics are uncertain. This could push the Bitcoin price up again. Besides, Bitcoin’s long-term compressed state and investors’ expectations could cause the leading virtual currency’s price to surge sharply in the coming days.

Many professional investors are also confident that Bitcoin is about to return to a new growth rhythm, the short-term outlook may increase to $ 29,000. Famous analysts such as Yuya Hasegawa or Edward Moya predict that as investors’ risk appetite increases, Bitcoin price can penetrate the $25,000 resistance level.