Bitcoin managed to finally break a strong resistance of $23,500 and just reached the $25,000 price mark. In a previous article, we anticipated a short-term adjustment in Bitcoin prices before they move back higher. What’s next for Bitcoin? Will Bitcoin reach $30,000 next? Let’s analyze in this Bitcoin price prediction article.
Bitcoin Price Analysis for February 2023
Bitcoin price started to increase earlier this week from a price of $21,300. We delimited this price area as a strong support in a previous article. Since then, prices managed to regroup and soar higher, breaching the support price of $23,500 higher. In the past 24 hours, Bitcoin increased by more than 9%, as the entire crypto market also saw an average of +10%.
Why is Bitcoin price up?
Well, as with any asset, when prices crash and hit a support price, they are expected to retrace higher. In the case of Bitcoin, prices were already in an uptrend and adjusted momentarily. After reaching the $21,300 support area, they were bound for a price increase.
The market dynamics did not change much, as some analysts predicted another crash in crypto prices leading to a BTC price below 20K. On the contrary, prices reached the important milestone of $25,000. In turn, the entire crypto market increased, with MATIC being the top performer among the biggest 10 cryptos.
Bitcoin Price Prediction: Will Bitcoin reach 30K?
Bitcoin reaching a price of $30,000 is inevitable. However, looking at the short to medium terms, we expect a slight retracement in Bitcoin prices lower. The previous resistance of $23,500 will turn into a support and Bitcoin should correct lower towards this price area.
After that, however, Bitcoin should continue higher. If we look at the past couple of months, this is exactly what’s been happening.
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