Bitcoin Price Jumps 6% But Can Crash to Below $3,000; Bullish Stance Won’t Shift

  • “Once people become more concerned about the value of their money, they'll flock to BTC”

The world's leading cryptocurrency is back below $6,000. Overnight, the price of bitcoin fell to $5,686 and is currently trading around $6,400, up 6.8% in the past 24 hours.

This ongoing volatility according to Mike Novogratz will continue “over the next few months.” However, the CEO of Galaxy Digital says,

Source: Coin360

Interestingly, in yet another red turned green start of the week, the hash rate of the network increased significantly, 18.2% going above 92 Th/s in the last 24 hours which is not good for miners as the struggling price could again fall into $3,000s.

According to Trader XO, in the short term, the 200-day moving average is the level to watch as he explained,

They'll Flock to Bitcoin

Amidst the falling prices, the market remains in fear. Although the Crypto Fear and Greed Index has seen a slight uptick from a reading of 8 last week to 10 this week, the sentiments are of extreme fear.

However, bitcoin enthusiasts and commentators continue to point out how bitcoin was created just for the financial instability in 2008.

It led veteran trader Peter Brandt who has been feeling bearish about the market and last week declared that the digital asset could go to sub-$1,000 and even bets on it going to zero ask Adamant Capital’s Tuur Demeester, if Bitcoin price “struggling to go higher despite apparent bullish global macro backdrop?” is a point of concern for him. Demeester explained,

Bitcoin (BTC) Live Price

1 BTC/USD =$27,788.7561 change ~ -0.43%

Coin Market Cap

$538.76 Billion

24 Hour Volume

$3.19 Billion

24 Hour VWAP

$27.75 K

24 Hour Change


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