Bitcoin price technically stabilized above $30,000, giving the bulls plenty of time to plan the next targeted attack on the $31,000 to $32,000 resistance. As BTC has made numerous attempts to break this resistance, such a move would likely open the door to gains targeting $35,000 and $38,000. Here are the details…
Will Bitcoin break?
The largest cryptocurrency is trading at $30,760 towards the end of the Asian session on Monday. Bitcoin price has generally maintained its position above $30,000 since the recovery began after falling below $25,000 in June. However, it has become increasingly difficult to sustain steady price moves above $31,000, aside from the upper resistance range near $32,000. Despite the general recession, analysts believe that Bitcoin price is in a position to allow it to rise by closing the distance to $38,000 instead of falling to $25,000.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator is strengthening the bullish bias on BTC. Moreover, Bitcoin’s position above all applied moving averages, including the 50-day EMA, 100-day EMA, and 200-day EMA, suggests that a breakout of the bullish is the most likely outcome. Investors should watch carefully for BTC’s reaction to the $31,000 immediate resistance as they prepare for the anticipated move towards $35,000 and $38,000. It would be prudent to hold buy orders and consider activating only once the price rises above the short-term barrier.
Some conservative traders may want to wait until the Bitcoin price rises above the next barrier of $32,000, which will follow an increase in trading volume and increased investor interest. On the other hand, the Money Flow Index (MFI), which has recently retraced from the oversold zone, reveals that the Bitcoin price could drop to $30,000 first and if it is forced, to $28,000 where it will sweep up fresh liquidity to support an extended break to $38,000.
Is it possible for BTC price to hit $310,000?
Popular on-chain analyst Willy Woo confirmed his bullish stance on Bitcoin, but this time with a grand estimate of $310,000 per BTC. However, Woo told his millions of followers on Twitter that there is a condition. According to Woo, for the $310,000 level to be seen, the eight institutions must be comfortable dedicating 5 percent of their assets under management (AUM) to the largest crypto. Some of these firms include Blackrock with 9.09 billion AUM, Fidelity with 4.24 billion AUM, JP Morgan with 3.30 AUM, Morgan Stanley with 3.13 billion AUM and Goldman Sachs with 2.67 AUM.
According to Woo, if all these eight firms divert 5% of their AUMs to Bitcoin, the price of the coin could range from $128,000 to $398,000. However, he warned, “it will really depend on whether they are deployed in the bearish or bullish phase of the market.” Woo’s comments followed investment giants BlackRock and Fidelity’s applications for a Bitcoin-spot exchange-traded fund (ETF). However, these applications are claimed to be deemed insufficient by the US Securities and Exchange Commission (SEC).
TechDev: BTC mirrors November 2020 moves
On the other hand, according to a widely followed crypto analyst, Bitcoin (BTC) may be on track for some explosive moves to the upside if its current structure is something similar to the market structure of November 2020. TechDev told his 413,000 Twitter followers that it appears to mirror BTC’s November 2020 price action, but they’ll see if the same pattern emerges again. TechDev’s chart shows that BTC is currently showing three technical signals reminiscent of the November 2020 market structure. According to the chart, BTC confirmed a breakout from the cross-resistance after breaking above it in January and retesting it in March. It also shows that Bitcoin is currently respecting a horizontal support after the crypto king took the leap late last month.
Looking at the relative strength index (RSI), the chart shows that the momentum indicator has climbed above its 14-month simple moving average (SMA), retested support, and moved up again. These three signals were also seen in November 2020 before Bitcoin surged from over $10,000 to $60,000 in a few months. “Later, we will find out if July 2023 = November 2020.” said.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.