Bitcoin Price is BACK ON TRACK - Should you BUY BTC?

A lot has been happening in the cryptocurrency market recently, but despite all the mainstream news, Bitcoin prices were consolidating for an extended while. It looks like Bitcoin prices were stagnant and the big uptrend that has been going on since 2020 has halted, with prices hovering around the 30K mark. Recently, prices were seen moving again and the traded volume started to pick up again, should we anticipate reaching another milestone?

In this article, we’re going to analyze what happened so far, where the current price is, and predict where prices might reach in the short timeframe.

Bitcoin Price Analysis – What happened to BTC?

Ever since BTC prices managed to reach and breach the 40k milestone, Bitcoin’s trend entered a downtrend, where prices were making lower highs. A double-spend rumor made prices break 30k prices for a brief period. But if we look at the bigger picture, we notice that prices are currently consolidating between 30K and 40K, with occasional fakouts.

BTC/USD 3-hours chart showing BTC's current Price-Action — **Fig.1** BTC/USD 3-hours chart showing BTC’s current Price-Action – TradingView.com

After the Elon Musk endorsement, we notice there’s a break in the downtrend, and prices started to pick up, and now we’re closer to the upper band of the consolidation phase.

Bitcoin Price Prediction – Is Bitcoin REALLY eyeing 40k again?

In a previous article, we did discuss how the current consolidation is a good thing, where prices usually take a breather before continuing their previous trend. In this specific case, the technicals are already in place, where a newly established uptrend happened thanks to the Elon Musk endorsement. All we need now is fundamental news in the market: New investors joining, technical advancements…

Now, where can prices go? Plotting the Fibonacci Extension clearly shows that the 40K price mark is again on BTCs radar.

BTC/USD 1-hour chart showing BTC's price prediction to 40K — **Fig.1** BTC/USD 1-hour chart showing BTC’s price prediction to 40K – TradingView.com

The whole Cryptocurrency market

In the past 24 hours, most cryptocurrencies were seen in the green, with Cardano, XRP, and Chainlink in the lead. Bitcoin’s dominance continues to drop, currently at 60%.

1- Bitcoin (BTC) : + 0.12 %

2- Ether (ETH) : + 0.91 %

3- Tether (USDT) : 0 % (surpassing XRP)

4- Ripple (XRP) : + 11.36 %

5- Polkadot (DOT) : + 2.76 %

6- Cardano (ADA) : + 19.62 %

7- Chainlink (LINK) : + 10.47 %

8- Litecoin (LTC): + 2.88 %

9- Binance Coin (BNB): + 12.51 % (surpassing BCH)

10- Bitcoin Cash (BCH) : + 1.22 %

Stay Ahead, Stay Updated
Rudy Fares