Bitcoin will never fall below $ 35,000 again

The flagship cryptocurrency BTC $56,050.60 Bitcoin -2.01% Market capitalization $1.11 trillion VOL. 24 hours $4.29 billion is trading above the psychologically important price level of $ 37,000. Crypto industry analysts note that there is a high probability that bitcoin will never fall below $ 35,000 again.

on November 26, bitcoin’s valuation, based on the complexity of its mining (hash rate), reached $ 35,000. According to cryptocurrency expert PlanB, this price range of BTC is a critical level below which the crypto asset will never fall.

«In particular, if there are no events such as black swans or short-term volatility, based on the fundamental principles of $/kWh arbitrage…BTC will never fall below $ 35 thousand again and will continue to grow,» the expert explained.

According to the crypto industry analyst, the growth is due to the fact that the US Securities and Exchange Commission (SEC) is likely to give the green light to the first spot exchange-traded fund (ETF).

At the time of writing, bitcoin is trading at $ 38,154, a 3.1% gain overnight. The total supply of coins circulating on the market has reached 746.2 billion. Traders made daily trading deals worth $ 22.8 billion. The virtual coin’s market share is 52%.

Earlier, we told you that PlanB predicted bitcoin’s growth to $ 524,000 per coin, and such a powerful rally will take place over the next four years.

«During the halving of 2012, most bitcoins were worth <$ 16.

During the 2016 halving, most BTC was in the $ 256-$ 1024 range.

At the time of the halving in 2020, most BTC was in the $ 4,000−16,000 range.

When it halves in 2024, most BTC will be in the $ 16,000-$ 65,000 range.

I wouldn’t be surprised if in the next four years, most BTC transfers will be in the $ 65,000-$ 524,000 range," PlanB said.