BITCOIN NEW ALL TIME HIGH AFTERMATH REVIEW by E. Okorie, 21st of December , 2021
On November 10, 2021 bitcoin reached a new all-time high above $68,800. This marked another milestone event in the bitcoin community as investors were skeptical on the rise in value of bitcoin.
However, the value of bitcoin has steady declined since this time forming a moderate downward channel. From all indications, bitcoin has dropped substantially and lost a whopping $20,000 to remain afloat $48000 price.
The twist to this event is unfolding gradually. Currently, bitcoin is in the oversold region. There is no doubt that failure for the bear to break $42,000 key support level would eventually lead to another testing of the current bitcoin all-time high.
The effect of this event on bitcoin price has been mixed. For instance, the bank of England warns that bitcoin could be worthless This is a clear strategy to put investors off the number one crypto because of its current value and negating the fact that bitcoin has risen from being worthless to priceless.
Consequently, bitcoin all-time high of $68,800 could be attained again when the current downward trend is broken.