Bitcoin continues to trade within an uncharacteristically narrow price band, having failed to fall below $31,000 or break above $36,000 throughout July 2021.
The cryptocurrency starts the week at the lower end of that range, spending the weekend bouncing between $31k-$32k.
It has helped usher in a period of relative stability for the broader crypto market, with Ethereum (ether), Cardano (ada), Binance Coin and Ripple (XRP) all avoiding any wild price swings on Monday.
Analysts and experts remain divided over which way the market is heading from here. A market-wide crash throughout May and June is being labelled by some as a blip within a long-term bull market, while others fear it could be the beginning of a so-called crypto winter.
Among the more positive forecasts is billionaire investor Tim Draper, who this week stuck by his $250k price forecast for next year.
You can follow all the latest news, analysis and expert price predictions right here.
Bitcoin price approaches 2013 record
Bitcoin is approaching the price drawdown it experienced in 2013, when it plunged by 69 per cent from an all-time high before hitting a new record high 197 days after the first one.
For market analysts bullish on bitcoin, the current dip is seen as just a correction before a new all-time high is reached later this year. Bearish analysts believe the peak of this cycle has already been reached and that it will be closer to 1,000 days before the market is able to recover and set out on a new bull run.
With bitcoin’s price currently hanging in the balance, we will need to see a prolonged move in either direction before we see which way of thinking is correct.
Anthony Cuthbertson19 July 2021 11:02
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Anthony Cuthbertson19 July 2021 10:17