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Have you been keeping an eye on the market these days? Have you seen how Bitcoin has been performing for the past week? It is through the roof in case you are not aware. We have touched 111.98k valuation of BTC. That is the all-time high as of now. Yes that is dangerously close to 112k but that is the situation that we were given. The most important part is where is Bitcoin headed from here? Does it go upward or does it go down or what is the car situation? And what are the indicators in the market and outside the market that can point us towards the right direction probably. And I have done some searching and I believe there are some indications as to where we can expect btc's land and how far it could go up and how low it could go. And I would like to share that with you.

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![1000033096.jpg](https://files.peakd.com/file/peakd-hive/abrar-fahim/23uEz3VR7g7KQkX4AhCagVaS6fmEm2WJGXBnYW9PRd7W6eZ3KynRKa9552r5H5vrqA7cf.jpg)
[Source](https://unsplash.com/photos/silver-and-black-round-emblem-NHRM1u4GD_A)

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So let's talk about the bottom line first. Currently BTC is operating at the neighborhood of 110k and from him it can go down towards 100K and it will be hard to go further below that because 100K is very important psychological resistance but at the same time it was a psychological barrier to break because many people have taken their profits at 100K. And these sales have caused a suppression in Bitcoin's uptrend. So in my research, I believe most of the downward pressure that BTC is facing is from the long-term spot holders who are selling BTC around the 100K area because they have been holding on to it for a long time and let's not forget in a year ago. Bitcoin was way far below from what it is today. So these people are not to be blamed when they want to make a profit. Now let's talk about the upward trajectory. Companies like Strategy are buying BTC from big exchanges like coinbase. As there are many companies who are trying to buy BTC from these exchanges, the exchanges are facing a shortage in BTC reserves to sell. This shortage will trigger a supply spike. The relatively lower supply on that end will trigger a scarcity of BTC across the market. And you know what happens when supply is reduced. The apparent demand increases and after the demand increases, the price of BTC will also increase. So I really do believe that BTC will be going further up because the supply shortage is on the way and it will not take long while at the same time it might top out right under 200k. And the reason to that is really similar to what happened in 100K. Being a big psychological point many many investors will try to take their profits at or just under 200k because most of the people will not try to risk it going till 200k because they will think others are selling before it and it might crash. 

So that thought process alone is enough to halt BTC under 200k. But even if it goes that far, this parabolic movement will translate into the other coins in the market. And overall, I believe we should expect a good run ahead of us.

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