Despite the overall bullish trend, we may still see small pullbacks in the price of Bitcoin.
In the early morning of Friday, November 24, the CoinMarketCap chart showed us that BTC has almost reached its all-time high price of $8,300. However, shortly after that, we have seen a pullback to around $8,200.
It is obvious that the price fluctuates along with people’s uncertainty about the cryptocurrency. The stronger it becomes, the less fluctuation we see. Nevertheless, it is not such a simple task to persuade experts who have been dealing with fiat money that Bitcoin is a worthy alternative and not just a bubble. The more complicated all this is, the more pleasant it is to see BTC slowly succeeding.
Wall Street wolves are closely watching its rises and falls, sometimes still sceptical about it, but the mere fact that Wall Street considers Bitcoin can be called a victory. Wait till we see CME Group’s project at work.
As long as no catastrophe strikes the market, we might see the bullish trend in the market strengthening. According to Andrei Popescu, Vision-Driven Entrepreneur, Crypto and Blockchain Technology Investor/Evangelist, CEO of COSS VENTURES and Co-Founder of COSS.IO, “the key levels for heads up are $8,450 for the long side, as for the short side, it can be $8,100 and $7,900.”
He told Coinidol:
“BTC reached another all-time high, spreading a lot of confidence but also fear among the traders. The short-term price structure shows a bullish pattern, as its accumulating more momentum for the next move higher. We are clearly seeing a bullish scenario on the current charts and in a breakout pattern, the current technical formations are not expected to find other resistances than the $10,000 mark, which will probably act as a psychological barrier.”