Bitcoin price has been stuck around $30,500 for more than seven days in a row. According to analyst Qadir Ak, this indicates a healthy accumulation before the next price action. He says the accumulation will have a positive impact on the BTC price. Because he thinks that it may result in a big break in the future.
Bitcoin is in a very important region, is there a ‘bear trap’?
Bitcoin price remains in the same range after bears pushed the price closer to the $30,500 level. cryptocoin.comAs you follow, the SEC has stated that the ETF filings are insufficient. Despite this, market sentiment for the leading crypto has not been bearish. However, the price is unable to continue higher and retrace levels above $30,800. This points to a decrease in the momentum of Bitcoin bulls. Therefore, it is possible for the price to remain under a deep consolidation for a long time.
The BTC price drop is attributed to the update from the SEC, which stated that the ETF filings lacked clarity and completeness. The price remains consolidated, although companies have re-applied. Currently, the BTC price is trading just below $30,500, down 1.25% in the last 24 hours, while volume witnessed a 28.05% jump.
In the short term, the price is trading inside a symmetrical triangle. It is also getting closer and closer to the apex of consolidation. Due to the large drop in volume, the volatility of the price has decreased. For this reason, it is possible to watch in a narrow range for a while. After reaching the top, the price triggers a bearish move and if it fails to hold the $30,000 support level, it may face downside pressure towards $28,700 or even reach $28,000.
Also, a bullish breakout could result in BTC price initially rising above $31,000. A successful break above these levels will help the price lead the rally above $32,500. Thus, BTC is likely to test the $34,000 levels as well. Meanwhile, the price has yet to deliver strong signals that could help speculate about a clear and decisive move in the coming days. Therefore, it is better to wait and closely observe the Bitcoin (BTC) price pattern over the weekend to analyze the next course of action.
Draper insists on his $250,000 BTC prediction!
One of the most prominent voices in the Bitcoin ecosystem is renowned American Venture Capital investor Tim Draper. Draper is arguably one of the most enthusiastic personalities when it comes to Bitcoin. A few years ago, he predicted that BTC would be trading at a price of $250,000 by this time. Making a statement on his official Twitter account, Draper admitted that the prediction was not correct. Draper made his prediction when the BTC price was just $4,000. Had his prediction come true, BTC would have increased 60 times from that point on. Conversely, however, the coin only saw 7x growth at the current price around $30,500.
Tim Draper is still a mile away from his envisioned goal. However, he does not give up hope that Bitcoin can indeed reach this ambitious level. However, it is changing its ground. Thus, it gives a 2-year period for the coin to reach this price range. One of the reasons he puts forward is that BTC’s core developers, or “engineers, are working hard.” This is probably related to the growth in Lightning Network adoption and the emergence of Ordinals Inscription across the network.
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