In December, when everyone was excited about the growing Bitcoin and thought that there was no coming back, we hinted at a possible correction up to $5.8K. And it happened last week. However, the bears couldn’t hold that level for long. Early last week, we mentioned that the bulls are growing stronger with every minimum update, so they were quick to bring the rate back to $8K.
This week, the prices might consolidate in a narrow $8-9K range. There may be false breakdowns of this range below $7K and above $10K, but you can speak the final victory of bulls or bears will be clear only after confidently securing any of those levels. In the long run, we still wait for the bulls to win, but we can talk about it only after a confident rate above $10K for 1 BTC.
Our price analysis is for information purposes only. Please make the Bitcoin purchase and investment decisions independently at your own risk.