Bitcoin Fights to Trade at $21K as per Crypto Analyst

United States – Bitcoin struggles to trade over $21,000, and cryptocurrency experts hint that it might stay at that level for some time.

Bitcoin remained to consolidate into the weekly close of October 30 as concerns over a greater retracement became loud. It now trades at $20,576.

As per the data from TradingView and Cointelegraph Markets Pro, these two showed BTC/USD turning levels under $21,000. Last weekend, the trading generated an early return over the $21,000 level, which is short-lived since Bitcoin bulls failed to provide a solution to keep the price higher.

Famous pseudonymous crypto trader and expert il Capo of Crytp suspected a direction variation was due to the similarities of Bitcoin and other altcoins. Altcoins performed very well through the weekend, where Dogecoin led the list at $0.12. This altcoin increased by 25% in the last 24%, which is at a six-month high.

According to the expert’s opinion, the top is in for Ethereum and Bitcoin, yet some crypto altcoins might boost further. The expert also stated these altcoins are not participating in any long new policies and training the stops in incomes.

Profit-taking has been a hot topic in the previous days, with on-chain values recommending that the desire would be substantial if Bitcoin exceeds $21,000 more convincingly.

Mark Cullen, another crypto trader, responded to il Capo of Crypto in a comparable caution over the short-term crypto market strength.

Bitcoin has already spent too long under the $21K level, while Ethereum has run. However, as per Cullen, the price will boost once traders break the golden zone. However, things will be difficult once it decreases by $20.4K.

On another note, Cathie Wood, a chief executive officer at ARK Invest, shared some insights about Bitcoin. During the What Bitcoin Did podcast interview, she disclosed that she bought Bitcoin back in 2015. She has about $100,000 worth of Bitcoin when the price is about $250. Now, that investment was worth $7.5 million.

The faith in Wood has grown since 2015. It was after the firm began researching the first digital asset in the world. They realized that Bitcoin had the potential to be a profound innovation.

Wood’s team worked with one of the most popular economists during Bitcoin’s initial research with the help of Art Laffer. Laffer helped under President Ronald Reagan from the Economic Policy Advisor Board. He has been involved in monetary policy on the international and national state since then. As per Wood, the analysis of Laffer about Bitcoin led her to invest in the altcoin. Laffer was amazed at the dynamics of Bitcoin, and he was searching for digital currency like Bitcoin.