Bitcoin News

Bitcoin Taps $29,000—Why BTC May Never Revisit Its Previous Lows

Despite the continuing crypto battle in the United States, the momentum of Bitcoin and the crypto market is expanding. Financial regulators are rushing to fix the breaches in the leaking vessel as another American banking crisis unfolds. Part of their aim is to target cryptocurrency, one of the few potential options.

This has been made quite clear this year, with numerous major enforcement actions launched against the industry’s most powerful actors. But, so far in 2023, Bitcoin and crypto markets have stayed resilient. According to one researcher, Bitcoin prices will never return to their prior cycle low. Following the FTX collapse in late November, this was barely below $16,000. Since then, the asset has increased by over 80% to today’s intraday high.

On March 30, analyst Jesse Myers explained why he believes Bitcoin prices will never be this low again. He went on to say that most people miss the bottom because they freeze and watch it pass them by. This occurred in November 2022, when cryptocurrency markets plummeted to a four-year low.

Nevertheless, at current prices, we are still below the “price equilibrium.” Throughout the last three significant cycles, the Bitcoin halving narrative has been proved. Each halving occurrence has been followed by a bull market, and history appears to be repeating itself.

“This is the outcome of a supply shock upending Bitcoin’s supply/demand price equilibrium,” the expert said, adding that the price action is noisy. “That’s a new, free market asset rising from obscurity to become a key player in the global asset scene,” he continued.

Beneath the cacophony is the halved narrative, with the next event coming up in about a year. During the early morning hours of March 30, Bitcoin reached its highest price in nine months. As a result, the top-ranked cryptocurrency by market cap momentarily surpassed $29,000 before retreating somewhat.

BTC was trading at $28,621 at the time of publication, up 3.7% on the day. Furthermore, the Bitcoin fear and greed index has returned to ‘greed’ area, with a current value of 60.

The next major resistance level is $30,000, which might be reached before any market correction.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.