After a heavy dump from the high of $69,500, Bitcoin reached the strong support of $28,000. The entire cryptocurrency market halted its crash and barely moved by +1% in the past day. Is the current consolidation a good thing for the cryptocurrency market? Will Bitcoin go up again after this slight halt? In this Bitcoin price prediction, we see where should prices reach, and assess why the current Bitcoin consolidation is a good thing.
Bitcoin stabilized above $28,000 – What happened?
When the crash happened, Bitcoin prices reached the low price of $25,450. However, prices directly adjusted back higher and stabilized above $28,000. In fact, this $28,000 price mark represents a very strong support and a key area for Bitcoin prices. Looking at figure 1, we can clearly see how prices tended to rebound higher every time they reached this key price.
Bear in mind that fakeouts always occur. That’s why placing tight stop-loss triggers might throw you out of the market while you could’ve made some good greens.
Why is the current consolidation a good thing?
Usually, when prices consolidate for any asset, they tend to either continue the trend or retrace in the opposite direction. Professional traders are able to set important areas to assess whether the trend is continuing or reversed. For the current case of cryptocurrencies, most reached their respective support areas. The downward trend might continue, but consolidations are a good thing for the below reasons:
- They try to end the downward “snowball effect”
- Proves equilibrium in important areas
- They confirm key support prices
- They allow traders to enter the market again
Bitcoin Price Prediction – Will Bitcoin go up soon?
After such an extended consolidation, Bitcoin prices are expected to rebound towards the $34,000 price mark. From there, prices need to decide whether to continue their uptrend or go down again towards $28,000. The area delimited between $34,000 and $36,000 was previously a very strong buy zone, and might turn to a sell zone in these current circumstances. That’s why traders need to be extra careful when trading Bitcoin.
The Crypto Market at a Glance
In the past 24 hours, most cryptos consolidated and barely moved. Among the top gainers were GRT, KDA and KAVA gaining respectively 27%, 23%, and 12%. On the other side, CVX, TRX, and HNT were among the top losers in the top 100 cryptos, losing respectively -14%. -8%, and -5%.
1- Bitcoin (BTC): + 0.93 %
2- Ethereum (ETH): + 0.36 %
3- Tether (USDT): 0 %
4- USD Coin (USDC): 0 %
5- Binance Coin (BNB): + 2.71 %
6- Ripple (XRP): – 1.28 %
7- Cardano (ADA): + 3.76 % (surpassing Binance USD)
8- Binance USD (BUSD): 0%
9- Solana (SOL): + 2.43 %
10- Dogecoin (DOGE): – 1.04 %
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Bitcoin Price Prediction – BTC Breached 40K! Will it climb to 50K next?
- Can Bitcoin Price reach USD 30,000 before 2021? Shocking truth lies ahead
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- Is the Bitcoin Crash over? Or will Bitcoin price reach $10,000?
- Breaking: Bitcoin Crashes lower than $30,000 – Can Bitcoin recover soon?
- Cardano Price Prediction – ADA can Bounce Back and THIS is Why
- Can Shiba Inu Price Reach 10 Cents?
- Bitcoin dips below 40K – Why is Bitcoin Price Down? Buy BTC ASAP?
- Bitcoin Price is shooting High! Is Bitcoin Back on Track to 60K?
- Conservative Prediction: Can XRP reach $5 in 2023?
- Bitcoin Price is RISKY! Sell Bitcoin if prices fall below this area ASAP.
- Bitcoin Price Prediction – Will Consolidation 2.0 lead to higher BTC prices?
- Crypto Bloodbath! Which Crypto is the RISKIEST?
- The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
- Bitcoin broke a MASSIVE Resistance – Will Bitcoin reach $30,000 soon?
- Bitcoin Price Forecast – Can you buy Bitcoins right now or is it too late?
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Bitcoin Price Prediction – THIS is why BTC price will reach 40K soon
- Ethereum Price Prediction – LAST CALL to Buy Ether at 3k?
- Bitcoin Price Crash! Near 40K, Did the CBDC Talk Affect Crypto Prices?
You might also like
More from Bitcoin
Bitcoin Price Analysis: Can Bitcoin reach 50K soon?
Can Bitcoin reach 50k soon as a consequence of the US banking crisis? Let's assess in this Bitcoin price analysis …
What is the Bitcoin CME gap?
Trading Bitcoin can follow many strategies. Do you use FA or TA? Are you a day trader, swing trader, scalper, …
Why is Bitcoin Crashing? Will Bitcoin crash to 10K?
Will Bitcoin crash to 10K? In this Bitcoin price prediction, we analyze why is Bitcoin down and the potential next …