fbpx
Cryptocurrency

Majority of Traders Opine Upward Breaking of Bitcoin From Current, Reveals the Poll

In the highly dynamic and risk-driven domain of cryptocurrencies, every digital coin has to face its share of ups and downs periodically. Bitcoin, taking pride as the first crypto coin to hit the financial markets, has shown quite a stagnant phase in the past few weeks, which has resulted in gloominess in the market.

The BTC coin price strived to achieve any substantial growth in the upward direction. Most of the movement seen in the current Bitcoin price has only been sideways.

Despite this, the future holds a positive hope for the crypto investors and BTC holders in the long run.

Recently, a Twitter poll was conducted to take the views of crypto enthusiasts on the speculative BTC price trend. According to a majority of cryptocurrency investors opined that BTC price is likely to break upwards after the suspension of the ongoing sideways movement.

Nearly 4,000 people participated in the poll, and 58% out of them believed that BTC would surge upwards after breaking out of the chart condition popularly referred to as a triangle.

The remaining 42% percent of people opined that BTC would break downwards. However, this lies in sharp contrast according to the view of an experienced seasoned trader who stated that downward breaking is unlikely as symmetrical triangles lubricate upward price breaks.

“Past performance is not an indication of future performance,” holds true in every aspect for the crypto world as there still remains a possibility that BTC may show a fall to $10,000 once again. This uncertainty has given rise to the confusion in the crypto domain, which was exploring in the bull market up until now.

Apart from the poll, an array of figures in the space highlight a surge in Bitcoin price in the long term. Tim Draper, a Bitcoin bull and billionaire, stated that Bitcoin will hit more than $250,000 by 2022. As per Draper, though the scenario might not be very lucrative in the present time, it indeed will show a good rise in the long run.

Bitcoin price movement is surely to look forward to after the breaking of the triangle.

Tags

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button
Close