Bitcoin price hovering around $30,000 is GOOD! Here’s why
The Bitcoin price consolidation at $30,000 should be seen as a positive thing. In this article, we explain why Bitcoin prices should go up.
Bitcoin has been consolidating around $30,000 for quite a while now. Most people lost all hope of a renewed uptrend and already are liquidating their crypto portfolios. However, it is important to note that most tokens are currently around their respective support areas. Naturally, the $30,000 for Bitcoin is a strong psychological price that represents a buy zone. In this Bitcoin price prediction article, we’re going to see why Bitcoin consolidating around $30,000 is a good thing, signaling higher prices in the future.
Is the current Bitcoin price good for Buying?
Bitcoin prices fell from a high of $69,600 and reached the current price of $29,350. This 57% drop in prices crashed the entire cryptocurrency market. A snowball effect started to happen, where other crypto projects got affected by those falling prices, and in turn, crashed even harder.
The $30,000 price area for Bitcoin is a very important one. In fact, many big firms purchased Bitcoins around that price. Additionally, looking at figure 2 below, we can see how previously, Bitcoin prices did also consolidate around those exact areas before going on an uptrend.
Bitcoin Price Prediction – What’s going to happen after the consolidation?
If BTC prices happen to drop below $28,000 again, the next support area would be around $20,000. However, it is more likely that prices will increase from this Bitcoin price consolidation phase. The first target is around $35,000, or a 17% increase in prices. After that, prices should target the next psychological price of $40,000. From there, we might see a slight adjustment lower, but in the long term, prices should break higher. This would mark the official start of the uptrend.
Rudy Fares
Equity Trader, Financial Consultant, Musician and Blockchain Aficionado. I spend my time doing Technical and Fundamental Analyses for Stocks, Currencies, Commodities and Cryptocurrencies.
Bitcoin has been consolidating around $30,000 for quite a while now. Most people lost all hope of a renewed uptrend and already are liquidating their crypto portfolios. However, it is important to note that most tokens are currently around their respective support areas. Naturally, the $30,000 for Bitcoin is a strong psychological price that represents a buy zone. In this Bitcoin price prediction article, we’re going to see why Bitcoin consolidating around $30,000 is a good thing, signaling higher prices in the future.
Is the current Bitcoin price good for Buying?
Bitcoin prices fell from a high of $69,600 and reached the current price of $29,350. This 57% drop in prices crashed the entire cryptocurrency market. A snowball effect started to happen, where other crypto projects got affected by those falling prices, and in turn, crashed even harder.
The $30,000 price area for Bitcoin is a very important one. In fact, many big firms purchased Bitcoins around that price. Additionally, looking at figure 2 below, we can see how previously, Bitcoin prices did also consolidate around those exact areas before going on an uptrend.
Bitcoin Price Prediction – What’s going to happen after the consolidation?
If BTC prices happen to drop below $28,000 again, the next support area would be around $20,000. However, it is more likely that prices will increase from this Bitcoin price consolidation phase. The first target is around $35,000, or a 17% increase in prices. After that, prices should target the next psychological price of $40,000. From there, we might see a slight adjustment lower, but in the long term, prices should break higher. This would mark the official start of the uptrend.
Rudy Fares
Equity Trader, Financial Consultant, Musician and Blockchain Aficionado. I spend my time doing Technical and Fundamental Analyses for Stocks, Currencies, Commodities and Cryptocurrencies.
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