Bitcoin, the world’s largest cryptocurrency by market capitalization, has witnessed significant price movements in the past few weeks. One of the most notable price spikes occurred last month following the collapse of several major US banks. As traditional financial institutions faltered, investors turned to alternative assets, including Bitcoin. Prices skyrocketed, with some reports suggesting that the cryptocurrency’s value increased by as much as 40% in a single week. While Bitcoin’s price has stagnated at times since then, it has remained on an overall uptrend. In this Bitcoin price prediction, we will analyze BTC and see how will prices behave.
Bitcoin hit the 28K wall
The rise in Bitcoin’s value has been a notable event this year. However, it recently stalled at $28,000, which is an important point for traders. Bitcoin has been trading around this level for a while, and analysts describe this as range-bound trading. Over the last three weeks, the cryptocurrency has been trading within 15% of a significant trendline, which is its average price over the past 30 days. Despite this, there have been little changes in Bitcoin’s price.
Why is Bitcoin Stagnating?
The movement of prices can go up, down, or even sideways. During this period, neither buyers or sellers are able to move the market because:
- The traded volume is weak from both sides
- Both sides are being negated by an opposite trade
Regardless of the above, consolidation phases are common and prepare for the upcoming trends. When prices are going up, consolidation phases prepare for uptrends.
Bitcoin Price Prediction: Will Bitcoin go up?
If we zoom out and see the bigger picture, we can see that Bitcoin is still on a slight uptrend. We can also plot a triangle, which if broken higher or lower can bring Bitcoin prices in either ways. Bitcoin still has significant dominance over the cryptocurrency market. That’s why if Bitcoin goes up, most cryptos will also follow.
Bitcoin should continue to play inside the triangle. If broken lower, Bitcoin should reach a price of $25,000. However, If Bitcoin breaches the triangle higher, BTC should reach a price of $35,000.
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