Price Analysis

Here’s What Next for Bitcoin Price, Will it Surge to hit $28,000 or Drop Back to $20,000?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 22, 2022

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Article Highlights
  • Bitcoin price is currently hovering around $23,000 displaying huge potential to go long during the weekend

  • While the asset is still expected to shed more gains in the coming days, yet if the asset manages to sustain above some crucial levels may prevent a larger dump ahead

Bitcoin price after the recent rejection from $24,000 was expected to drop back below $22,000. However, the asset managed to cease the bearish trend quickly and regain levels above $23,000 at the moment. Despite a minor recovery yet the asset is still expected to slide down within bearish captivity if reaches below certain levels. 

A popular analyst believes that much more is yet to come with the Bitcoin price ahead as the asset is within critical price limits. Crypto Rover tells his 86.5K followers that it may not be the right time to buy Bitcoin. 

The star crypto is hovering within a broadening ascending wedge which is usually considered a bearish pattern. Currently, the resistance is sloping and is diverging from the support levels. Therefore, the lower inclined support could play a major role in this case as if it gets rejected, these levels may hold the price firm. 

“Currently, most important level in this trend to watch right now is the reverse open support line because as soon as we do break the upward sloping support line it is going to be an insane shorting opportunity” 

The analyst believes the asset may eventually drop lower after it gets rejected at the resistance and revisits the levels around $20,000. Therefore, if the asset breaks from the slope support levels, the analyst believes it is a good opportunity to open a short position as the lower target remains around $18.8K.

On the other hand, in the short-term, Bitcoin price appears more bearish as the price is swinging within an ascending wedge, prone to drop heavily.

“I am seeing a big sign of worry getting created here on the one-hour time frame because we’re forming an ascending wedge, in the four-hour chart, it is re-entering the bear flag, so am definitely neutral right now,” 

However, if the case Bitcoin (BTC) price breaks below $22,000, then the asset may be forced to trade within a consolidation phase. 

“ I think Bitcoin is going to move towards $28,000, I first need to see a daily close above $24,000,” he adds. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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