The Bitcoin price has been practically static over the past 24 hours with very little movement either way. At present Bitcoin is trading between an extremely tight range between the $32700 and the $33000 range although it could break either way. The situation seems rather bearish for the next 24 hours or so with new lows being tested perhaps at the $31,000 mark. This could also mean that buyers are continuing to accumulate at these levels in preparation for a big push upwards to the $42,000 mark. If you are looking to buy some Bitcoin, you could visit this page.
Bitcoin has declined considerably from its late April/early May where it touched the $65,000 mark and is now less than 50% of that price. A recent announcement by the European Commission which has set up a new unit to crack down on cryptocurrency transactions and money laundering has had another damper on crypto sentiment in general. This could also be behind the recent slump in markets as prices continue to bleed.
Bitcoin price short term prediction: Further Lows Before a Catapult?
The Bitcoin price is currently just below the July 5 swing low of $33.120 and could fall further before it starts a rebound. In fact, the current bearish trend could make the price fall further to the $30570-$31980 range where a reversal might occur. Bitcoin is currently around $800 above that top-level and seems to be well supported so the bounce may be even bigger if it occurs. The next high which should be met with resistance is the $2,250 level although that would mean a 25% swing up from current price levels.
At present this move upwards seems quite plausible, but a bearish thesis would invalidate all this. If the $31,000 support level is broken, then one would expect the price to careen down all the way to the $28,800 level. This would be a 4-month low after the crashes of May and June and could trigger a massive sell off with the price crashing further as panic mode sets in. However, this thesis seems unlikely at present when based on the strength of the support levels of $31,000.
Long Term Bitcoin Forecast: Regaining Past Highs?
The Bitcoin price seems to be a long way from regaining the highs that were reached in April/May of this year. However, there are some green shoots of recovery, especially if the price manages to exceed the $40000 mark and hold stable for some time. This could be affected by a number of factors including FUD in the market and a lack of appetite for investors to continue entering the market.
The European Commission’s plans to coordinate anti-money laundering activities may also prove to be negative for the cryptocurrency market as a whole. With the asset class continually derided for being a money-laundering haven, investor sentiment will continue to be wary if such crackdowns continue. However, positive steps have been made here with large institutional investors getting in on the bandwagon lending legitimacy to Bitcoin and other cryptocurrencies. The next few weeks could be interesting for the Bitcoin price.
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Gerald Fenech
