In the past two weeks, the price of Bitcoin has increased significantly. The most popular cryptocurrency has risen sharply back beyond $21,000. The price looks to be gradually stabilizing following this increase. However, the technical price of Bitcoin is showing a potential retracement in the short term horizon. This means that buying today would result in short-term losses if you’re a crypto trader. In this Bitcoin prediction, we analyze why it’s better to WAIT before buying Bitcoin or any other altcoin.
Bitcoin Price Analysis: Is Bitcoin doing well?
The year 2023 brought strong increases in the Bitcoin price in the first 2 weeks. The course was initially able to approach $16,500 to $17,000. A few days later, the price finally broke the resistance at $17,000 and subsequently surged above $18,000.
After a slight stabilization, there was another strong increase in the last week, when the Bitcoin price was able to rise above $20,000 again. Most recently, the course was even able to break through the $21,000 mark. The Bitcoin price is back at the value it was before the FTX crash.
Will Bitcoin go up in the long term?
In the last 2 weeks, the Bitcoin price has actually gone up continuously and the increase has hardly stopped. At the moment, the cryptocurrency has strong momentum, which could take the price further up. But can this Bitcoin increase continue in the next few weeks?
Theoretically, it is possible that Bitcoin’s rise will continue to a price of $25,000 by the end of the month. The $21,000 level was a key resistance prior to the FTX crash. If this is broken, the Bitcoin surge to $25,000 could happen soon. However, in the short term, it might be a good idea not to buy Bitcoin as prices might retrace lower.
Bitcoin Prediction: Is it good to Buy Bitcoin now?
Bitcoin prices currently reached a strong resistance level. In figure 1 below, we can see how prices retraced lower everytime this price of around $21,200 was reached. Today, prices did just that and are showing signs of retracement. If this happens, we expect Bitcoin price to drop towards $19,000. This will most definitely lead to other altcoins dropping in prices as well.
Offer from CryptoTicker
Are you looking for a chart analysis tool that doesn’t distract you with community messages and other noise? Check out GoCharting! This is an easy-to-use online charting tool that requires no downloads or prior knowledge.
- Top 3 reasons why Bitcoin will continue to RISE in the coming weeks!
- Dogecoin Price Prediction year-end 2022
- Bitcoin Price reaches $18,000! Is December going to be GREEN?
- Crypto Millionaire: Buy THESE Cryptos before they BOOM in 2023?
- Bitcoin Price Prediction: Will BTC Price Crash to $5000 Before the end of the year 2022?
- Conservative Prediction: Can Ethereum reach $5,000 in 2023?
- XRP Price is about to BOOM if the crypto market recovers! Buy $XRP?
- How will Shiba Inu Perform in Q1 of 2023? The Numbers are IN!
- Top 3 Cryptos to BUY in January 2023 – The Bullrun is HERE?
- Litecoin Price Prediction– How High Can LTC Rise by the New Year?
- XRP Price can TRIPLE in the next few weeks if THIS Happens, Here’s Why
- LAST Chance to Buy Bitcoin Cheaply! Here are 3 Reasons…
- Top 5 Cryptos to BUY after the FTX Crash
- Ripple Price Prediction – How High will XRP reach in 2050?
- Is the Bitcoin Crash Over? When will we see the Bitcoin price rise again?
- Can Solana Price Hit $100 in 2023?
- Can Bitcoin price reach $20,000 again by the end of the year?
- Cardano Price Prediction – How High can Cardano reach by 2030?
- Can Avalanche Price hit $100 in 2023?
- Will Ethereum Price recover to $1,500 in December 2022?
- FACT: Will Shiba Inu Coin reach $1 during the next Bullrun?