Our bitcoin price prediction sees BTC trading at its 20-day moving average, currently priced at $33,400 on Coinbase. We can define that as stable for bitcoin, given the gyrations of the past few days. Flirting with sub $30k levels, at he beginning of the week the top digital asset looked as if it was about to confirm that the bull market was well and truly over. However, the strength of the bounce from $29k will have stiffened the resolve of bulls, and probably led to Michael Saylor, the chief executive of MicroStrategy, breathing a huge sigh of relief, given that his company has just raised funds to buy more bitcoin. Get FREE Crypto Signals Now! JPMorgan not convinced by BTC bounce – bear trap? But as solid as the price recovery may have been, not everybody is convinced, particularly the analysts at JP Morgan. They think bitcoin is overvalued above $35k and as such expect it to trade below that level – possibly as low as $23,000. “Despite this week’s correction we are reluctant to abandon our negative outlook for Bitcoin and crypto markets more generally. Despite some improvement, our signals remain overall bearish,” the JPMorgan strategists commented. Led by Nikolaos Panigirtzoglou, the bank’s strategists believe that further selling pressure will hit bitcoin as the lock-up periods on shares in the Grayscale Bitcoin trust end in July. However, even with the price below $30,000, the strategists do not see a capitulation taking place unless the price touches $25,000. Negatives and positives: South Africa $3.6 billion crypto theft and El Salvador bitcoin giveaway Other negative news came from South Africa, where two brothers who owned and operated the Africrypt exchange, have apparently disappeared with $3.6 billion worth of bitcoin. According to a Bloomberg report, the brothers had reported to investors that a hack had taken place, but not to report it to lawyers or law enforecment. The first signs of trouble came in April, as Bitcoin was rocketing to a record. Africrypt Chief Operating Officer Ameer Cajee, the elder brother, informed clients that the company was the victim of a hack. He asked them not to report the incident to lawyers and authorities, as it would slow down the recovery process of the missing funds. But there was bullish news for bitcoin emanating from ElSalvador, where President Nayib Bukele announced on Thursday a distribution of “helicopter money” to the citizenry via an e-wallet holding $30 worth of bitcoin. The move is part of plans by the central American country to kickstart adoption of the cryptocurrency as legal tender, in pursuant of the recently passed law to that effect. El Salvadoreans will need to download the Chivo e-wallet app and complete the verification using the software’s facial recognition feature. The news is a promising sign that the legal tender initiative is moving forward despite opposition from some politicians and the World Bank which refused to co-operate with getting the system up and running. The bitcoin law takes effect on 7 September 2021. BTC/USD technical analysis: holding above $35k key to further advance Our bitcoin price prediction sees some weakness going into the weekend, and that is also reflected lower down the market cap order. The relative strength indicator is on an encouraging 45 – not too hot, not too cold – as the price sits on the near-term trendline going into the volatile weekend trading period. On the 4-hour chart (see above) bitcoin continues to trade below the 200-day moving average, which it slipped under on 16 June, but is holding the 20MA, as we observed earlier. The key level for bitcoin to takeout is $35k. If the price can consolidate above that level, then bulls hopes of reaching the hugely importance resistance region around $42,000 could come back into view as a realistic proposition. It’s obviously a big if, but if the price does again challenge at $40k and breakthrough, then the bull market is definitely back on. However, given the weakness normally seen at weekends, advances beyond $35k could be a stretched. Looking to buy or trade Bitcoin now? Invest at eToro! Buy Bitcoin Now Capital at risk Gary McFarlane Gary McFarlane Gary was the production editor for 15 years at highly regarded UK investment magazine Money Observer. He covered subjects as diverse as social trading and fixed income exchange traded funds. Gary initiated coverage of bitcoin and cryptocurrencies at Money Observer and for three years to July 2020 was the cryptocurrency analyst at the UKâ€™s No. 2 investment platform Interactive Investor. In that role he provided expert commentary to a diverse number of newspapers, and other media outlets, including the Daily Telegraph, Evening Standard and the Sun. Gary has also written widely on cryptocurrencies for various industry publications, such as Coin Desk and The FinTech Times, City AM, Ethereum World News, and InsideBitcoins. Gary is the winner of Cryptocurrency Writer of the Year in the 2018 ADVFN International Awards. View All Post By Gary McFarlane Crypto News share Read Next Forex Broker News: Exiniti Launches FX Broker As Tech Provider Branches Out Gary McFarlane 5 months Our bitcoin price prediction sees BTC trading at its 20-day moving average, currently priced at $33,400 on Coinbase. We can define that as stable for bitcoin, given the gyrations of the past few days. Flirting with sub $30k levels, at he beginning of the week the top digital asset looked as if it was about to confirm that the bull market was well and truly over. However, the strength of the bounce from $29k will have stiffened the resolve of bulls, and probably led to Michael Saylor, the chief executive of MicroStrategy, breathing a huge sigh of relief, given that… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.