Bitcoin price today began with a minor consolidation that soon lost momentum and began to deplete. While the price drop appears to be temporary, the impact is expected to be significant. After the recent bearish weekly close, it is quite evident that the BTC price could drop below $23,000 very soon. However, some analysts are still extremely bullish on Bitcoin and believe the price may rise and hit $30,000 in the next 4 weeks.
To do so, $25,000 levels could remain a crucial juncture that has to be cleared. A senior Bloomberg analyst, Mike McGlone also believes that the asset needs to rise above the $25,000 resistance. Summarizing his new research, he wrote,
“Headwinds Remain Strong; Markets Have Bounced- ‘Don’t fight the Fed’ was the dominant headwind for markets in 2022, and remains so in Q1,”
Besides, some analysts still believe the BTC price could hit $30,000. A popular analyst, Kaleo still believes that the BTC price may, however, rebound from the current consolidation
The analyst here highlights the HTF breakout that the BTC price underwent just before the start of 2023. This breakout raised the BTC price beyond the descending trend line that it had maintained for the past few months. Moreover, after the breakout, the price surged within a rising channel. Presently, it is testing the lower support and attempting to rebound.
Therefore, with a rebound, the price is believed to rise high and approach $30,000 in the next couple of weeks. The Bitcoin (BTC) price is currently around $23,438.8 with a jump of 1.11% in the past 24 hours while the asset has recorded a notable drop of more than 4.4% in the past seven days.
Here’s a brief insight into the Bitcoin Price:
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Bitcoin is back on a bullish trend and is approaching $20,000, but some analysts think it could break through the $30,000 barrier and rise as much as 30%.
This prediction was made by Fundstrat Global, an award-winning market research firm. According to their analysis, the market will be further supported by the rollout of new products, such as Bitcoin futures and options, and the increasing retail flow into the market.
Moreover, the institutional presence should also increase following the addition of Coinbase, the world’s largest cryptocurrency exchange, to the Nasdaq. This move is expected to bring more visibility and trust to the sector.
Finally, many analysts cite the rapid and almost unprecedented increase in the money supply caused by the COVID-19-related stimulus packages as another driver of a potential price increase. With the US Federal Reserve pumping additional dollars into the economy, Bitcoin – and other cryptocurrencies – could be seen as a hedge against inflation and the weakening of the US dollar.
At present, Bitcoin seems to be in a consolidation phase. The near-term future of the world’s oldest and biggest cryptocurrency is unclear. If a surge to $30,000 is indeed possible, then the stage is most certainly set for it.