Bitcoin Price Prediction: Bitcoin is STILL on an Uptrend, Here’s Why!

While Bitcoin's price stagnated, it has remained on an overall uptrend. In this Bitcoin price prediction, we will analyze BTC prices.

Rudy Fares

Rudy Fares

Bitcoin Price Prediction: Bitcoin is STILL on an Uptrend, Here’s Why!

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.

Rudy Fares
Article By

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.

More articles on Cryptoticker

View All

Regular updates on Web3, NFTs, Bitcoin & Price forecasts.

Stay up to date with CryptoTicker.