Bitcoin price has now surged above the $24,000 mark for the first time in a long time, prompting many investors to anticipate a major breakout. But so far the Bitcoin price has not been able to break out. Can the breakout and price explosion come in the next few days? Here’s a Bitcoin price prediction for February 2023.
The Bitcoin price has seen stabilization in recent days after strong gains in early and mid-January. A resistance was established at the $23,000 mark, around which Bitcoin has moved.
In the last few hours, bitcoin price has seen a sharp rise above the named mark. The course was initially able to rise to $23,800. After that, the price could even briefly rise above the $ 24,000 mark. But then the price was dismissed and for the past few hours it has been hovering sideways at $23,800.
How high can Bitcoin price reach once the resistance is broken?
Bitcoin price has made several attempts to climb above the $24,000 level over the past few weeks, breaking through the current resistance. The price has been at the $23,000 mark for 1 to 2 weeks. It could break resistance with a surge above $24,000.
Should this happen, a sharp rise is likely in the coming days. In that case, we should see a quick move above $25,000 and subsequent rally towards $30,000.
Can a missed breakout result in a massive crash?
In 2022, the Bitcoin price was also able to rise back to the $24,000 mark. As a result, the course had to accept losses again and fell towards $ 20,000. We could see a similar scenario in the coming weeks.
With multiple failed attempts to break the resistance, the likelihood that the Bitcoin price could crash back towards $20,000 also increases. Therefore, it is crucial that the breakout to the upside comes in the next few weeks.
Is it GOOD to buy Bitcoin now?
It could well be the case that the Bitcoin price breaks the resistance in the coming days. This could move the price above $25,000 and later towards $30,000. But theoretically, the probability that the price could fall below $20,000 is also increasing.
An investment in Bitcoin should therefore be carefully considered right now. However, an investment that is designed for the long term could be more likely to see stronger gains in the future.
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