When Bitcoin price experienced its first crash in the year, many investors and crypto experts weren’t bothered, thinking it would soon regain its market value. The famous digital asset failed to recover from its slump after a week, which got everyone worried and scared. It has been over three weeks since BTC’s first slump in more than two months, and the question on everyone’s mind is: “What will happen if the currency does not retake $35k price soon?”
Elon Musk’s push wasn’t enough to save Bitcoin
World’s richest man Elon Musk tried his best to push increase Bitcoin’s price after tweeting his support for the cryptocurrency via his Twitter account on Monday. There was an immediate spike in the digital asset’s price following Musk’s tweets as it reached close to $36k.
Unfortunately, the surge didn’t last for long as it is returned to $33k on Tuesday. Though BTC price has since been in a corrective state, it won’t be out of place to say that Musk-inspired rise in price isn’t enough to help Bitcoin regain a long-term bullish run.
As it stands, the volatile currency has a hurdle of $35,000–$35,200 area to cross if it must reach a new all-time price because breaking the limit will allow it to gain new supports from users. According to TradingView’s prediction, overcoming the hurdle might be a bit challenging because many Investors are unwilling to take the risk of putting their money on the digital asset.
Should Bitcoin eventually break the $35,000–$35,200 boundary, the crypto-based website claimed that overcoming the $38k resistant area won’t be a difficult task to achieve because many people will be eager to trade their already-held Bitcoin.
How has Bitcoin fared in 2021?
Meanwhile, various analysts have not ruled out the chances of seeing the Bitcoin price crumbled to just $25,000 in the nearest future. According to one of the firm’s publications, the world’s largest digital asset might return to its 2017 all-time price if it fails to bit the $35,000 resistant zone as soon as possible.
Taking a brief look at how the currency has fared this year, it began 2021 slightly above $36k, continuing its bullish run, which started late last year. It capitalized on its overwhelming trading prowess through the first week of the year by reaching a new high of $42,000.
Unfortunately, it saw a halt in its stride as it surprisingly crashed to $33k in the second week of January 2021. Since then, BTC price has failed to pick up, becoming one of the most inconsistent assets during the month’s latter stages.
Currently, a Bitcoin unit is sold at $36k, recording a 5.7% increase to its previous price tag. As much as it remains the largest and most expensive cryptocurrency globally, there is a need for the digital asset to regain its financial strength to retain a few customers and investors who have extreme faith in its ability.