Many analysts have predicted that bitcoin price will touch $70000 before end of this year but the bitcoin market seems to be currently struggling and the $70000 price is looking difficult.
The Billinger bands indicator shows that the bearish movement on the bitcoin market which happened for some days is still valid on the market and the bitcoin price might still go lower but can it break the $42000 price which is currently a strong price support..
If the bitcoin price is able to break $42000 and it closes below that price level then it means the next price the bitcoin will drop to is around $36000 but if the bitcoin is not able to break the $420000 again then it shows how very strong that price area is and that would trigger a trend change which will make bitcoin price to go bullish and its next target would be the current resistance zone at around $51700 ...
If the bitcoin price breaks above $51700 before end of this week then a $70000 bitcoin price before end of this year will become possible..but right now I would not want to bet on that..
The bitcoin market still looks generally bearish but I am watching out for the $42000 price area because it is a very key support and whatever happens around that price will determine the psychology of the market..
Though the volume indicator shows that the volume of the seller is not very strong enough at the moment so the sellers are not able to massively bring the price down, if the buyers increases then of course there will be a new bullish move on the bitcoin market..