After being stable for quite a long time, Bitcoin came back in action. From the past few days, the Bitcoin price was increasing very impressively and was showing a complete bullish trend. However, to a surprise, Bitcoin plunges from $13,800 to the $13,200 level, on Oct. 28, 2020. This price rejection has led to unrest in the whole crypto community with a lot of bullish as well as bearish trends. All-Time High Expected After Bitcoin Plunges From $13,800 This plunge from $13,800 is marked as a notable decline after increasing for the past few days and even weeks. The analyst and the people from the crypto community are expecting that the Bitcoin price might see an all-time high in near future, despite this decline. This plunge might be compared to 2019’s blow-off top as during that time also, Bitcoin price decreased rapidly and then increased quite impressively. It is assumed that if Bitcoin is broken at present, it might lead to an uptrend and a complete new all-time high. This all-time high might reach above $20,000 which seems to be highly bullish for the market. There are also indications that Bitcoin plunge from $13,800 due to its resistance at this level. The Surge in USD Value There might be different claims and predictions due to which Bitcoin plunge from $13,800, the recent surge in the value of the U.S. Dollar (USD) might also be the reason. Recently there has been a rapid surge in USD’s value and due to Bitcoin being correlated to it, this might have lead to this plunge. According to crypto analyst Crypto Michael, Bitcoin must hold above the $13,250 level. If it is not able to maintain this and resistance breaks then it might go below to $12,700 anytime soon.
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