This is When Bitcoin(BTC) Price May Surge 30% to Hit $30,000
Bitcoin price continues to struggle below $23,500, while the entire crypto space remains consolidated below their respective support that has turned into a pivotal resistance
Meanwhile, the current bearish pressure is believed to fade away as the BTC price is closer to recording a breakout and triggering a rally towards $30,000
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.