The Bitcoin price appears to be once again stuck in a rut with very little movement either way. It is down by around 1% over the past 24 hours to the $32400 mark and looks to be making ready for a big move either way. It is now down 10% from its 29 June high of $36180 and is in bearish territory. If you haven’t bought any Bitcoin yet, check out this How To Buy Cryptocurrency Beginners Guide.
Some theorists are stating that the rampant inflation could be hurting the Bitcoin price. However, there are certainly several other factors in play, foremost which is the negative crypto sentiment that is seriously affecting all the market. Bitcoin’s movements have also become very small with very little leeway and extremely tight trade ranges.
Short Term Forecast For Bitcoin Price: Testing the $30K Mark?
Bitcoin looks to be stuck in a rut between the $32000 and $32900 mark with this tight trading range prevailing. If a break below the $32000 support level occurs, then there would be descent with the price going down to the $30,000 level easily. The next step would be to retest the June 25 level of $31625 after which a crash may occur.
A bullish thesis would however invalidate all this and a bounceback could occur from the $32000 level. The Bitcoin price would then probably rise around 10% and retest the $36000 mark where it would encounter strong resistance. If that is overcome, then the next logical step would be the $42000 level, but this would definitely be a point of extremely strong resistance.
Long Term BTC Price Forecast: Is The $60K level Attainable Again?
After reaching dizzying heights when even the $65K mark was topped in early May, Bitcoin has slumped more than 50% to the $32K mark. Negative market sentiment and crackdown on crypto transactions in several countries have continued to cause problems for a recovery. If BTC manages to overcome this staid period, then there could be a possibility of a turnaround. At the moment, this does not look very likely, at least short-term.
Another thesis that is rather gloomy is that Bitcoin could rebound before crashing to the $14k mark. That would signify a capitulation of around 75% from its all-time high and would doubtless drag the whole market down with it. Although this is an extremely pessimistic outlook, it does not seem to be very likely either. If you want to take the plunge, have a look at these Top Cryptocurrency Brokers.
Interest has gone down in crypto however and that could have serious implications on a long-term basis. Feedback from investors is generally negative with BlackRock CEO Larry Fink stating that the firm had witnessed low interest in Bitcoin from investors. In an interview with CNBC, Fink said that investors might not approach asset managers for exposure to Bitcoin. Lower interest in BTC could be due to the consolidation in its price.
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Gerald Fenech
