Bitcoin's price already overpriced, wait for the price below $ 35.000 to buy
So far, the price of bitcoin has corrected sharply from its previous high of $ 42,000 in 8 January 2021. maybe due to the tendency of investors who want to take profits in the short term and think bitcoin price at that time is overpriced already and I did the same.
Even so, we know that the positive trend will continue, because considering in the first period of this year, bitcoin already has high volatility so the possibility of an overshot uptrend will happen is still big, even it's has been predicted by many experts such as the JPmorgan institution who predicted bitcoin will reach to $ 146,000 in the future. Moreover, based on stock flow analysis, it shows that the number of bitcoins currently in circulation has reached 18.6 million of the total of 21 million bitcoins that will exist. so Bitcoin will be scarce, and the price will increase.
so I think, the price of bitcoin this year will move between the range of US $ 30,000 - US $ 50,000 per BTC, it's based on bitcoin's permormance in 2017 where after a massive price increase there will be a correction of 20-30%, and I think it will be no different from this year. investors already understand and know how this market works. and it was proven when after the price touched the lowest level at $ 34,953 on January 16, there was a support point and then the price increased again, so if we wanna buy bitcoin then we have to wait when the price corrects below the $ 35,000 level.
ok guys, this is my personal prediction, so there is no guarantee that this is 100% correct and you don't have to follow it. But I have confidence that the price of bitcoin will not be corrected more than 20-30%. if you have another perception, please comment bellow !
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