Crypto investors are largely optimistic about the price of Bitcoin taking a parabolic run despite the general uncertainties the market is currently experiencing.
Though the market is being tagged with a bullish price reversal for Bitcoin, last week saw a very pervasive selloff in the digital currency market as investors took safety precautions amidst the uncertainty that was ushered in by the new COVID-19 variant – Omicron. Deemed to be more deadly than the other strains that are being tackled by the current vaccines from various pharmaceutical firms, investors are likely fearful of the market downturns that the broader financial market saw at the outset of the COVID-19 pandemic last year.
In line with the broad market, Bitcoin slipped as low as $53,569.76 in the trailing 7 days as the market participants brace up for what was likely a new bear market. However, the strong support maintained at the $53,500 price point has been quite sustainable, giving a more trusted reassurance that BTC will price well above the support level for the rest of November.
At the time of writing, the premier digital currency is changing hands at $53,569.76, up 5.37% in the past 24 hours. Thanks to the Bitcoin upsurge, the broader market is now seeing a comprehensive rebound with altcoins like Ethereum (ETH), and Binance Coin (BNB) rising 6.69% and 4.49% respectively.
Market Investors Are Optimistic about Bitcoin Price Reversal
Crypto investors are largely optimistic about the price of Bitcoin taking a parabolic run despite the general uncertainties the market is currently experiencing. This position was showcased by the response to a survey conducted over the weekend by the official Bitcoin account on Twitter. The poll solicited comments from the public on where they expect the price of Bitcoin to end the month of November with just about 48 hours left to go.
Of the 47,963 respondents, 35%- the largest number – said they expect Bitcoin to price above $60,000 before the month runs out. The lowest categories came in at 17.5% of the respondents, and this group believes BTC will end the month lower than $50,000.
Where will #Bitcoin end November 2021?
— Bitcoin (@Bitcoin) November 28, 2021
The current uptick in the price of the digital asset gives renewed hope to the bullish poll responders. Should Bitcoin end its current uptrend at or close to $59,000, many investors who have been keeping tabs on the market are likely to FOMO in, further pushing the price of the digital currency toward the $60,000 benchmark.
The journey toward the end of the year is considered a very bullish one for most markets including the cryptocurrency industry. If Bitcoin and the hoard of altcoins retest the price rally they printed toward the end of last year, we may see Bitcoin validate the predictions of most analysts who say the coin will end the year above $70,000. While this may come off as a daunting task, it is not impossible.
While in anticipation of very promising price levels, market bulls can rejoice in the fact that the $50,000 price level has automatically formed the new $30,000 bottom for the digital currency.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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