The Bitcoin price seemed to have found a bottom at around $31000-$31500 although there seems to be some slight bullish movement this morning. One could argue that it would be a good opportunity to get in at this price before a leg up to the $35,000 mark begins. If you haven’t yet bought some Bitcoin, check out this How To Buy Cryptocurrency Beginners Guide.
It seems that the continuous jump in inflation is one of the factors dragging down the Bitcoin price. There seems to be very strong support at the $30k level but if that breaks, expect a fall all the way back to the $27K mark. This would be roughly the level it was in January after BTC’s first big move. It would also mean a 60% correction from its all-time high in early May.
Short Term Price Forecast For Bitcoin Price: Looking At A Rebound?
There seem to be conflicting arguments as to where the Bitcoin price is currently headed. It is down 7% over the past 7 days and is trading in ever-tightening margins. There seems to be a rising wedge pattern in the price movement which would signify a bearish scenario here. In this case, Bitcoin might as well drop to the $27,800 level before starting a rally to higher prices. Interestingly that would just about be the same level seen in January when the price hike began.
A bullish scenario would change all this, however. If the rally were to start immediately, then the price would test the next level of resistance or the $35,000 level and would then go on to test the $42,600 level. This would indicate an impressive 30% rally for the Bitcoin price and could pull other cryptocurrencies into an uptrend. Take a look at the Top Cryptocurrency Brokers if you’re looking to take the plunge.
The general prediction is a move up from the current $31500 levels to the resistance points mentioned earlier. However, there remain some pitfalls along the way. The tightening of the Bitcoin price is also a factor but an upswing looks on the cards.
Long Term BTC Price Prediction: A Rise Before Capitulation?
The general consensus amongst most analysis is that the Bitcoin price is headed for a rise before an eventual capitulation that could send it back to September 2020 levels. General positive news from banks could also play out here as Bank Of America has repeatedly launched Bitcoin Futures trading for a group of selected clients.
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Gerald Fenech
