Bitcoin (BTC) price is consolidating above the $30,000 support, while its daily chart is showing multiple sell signals. The leading crypto closed the month with a 12% green note with June’s ETF news. However, the hype has been waning in recent days. Could apathy lead to lower levels in the short term? Let’s answer with the Bitcoin prediction of the experts…
Bitcoin forecast: Daily timeframe trending
According to current analysis by technical analyst Akash Girimath, Bitcoin price is showing a distinct bearish trend. This setup involves BTC forming an HH zone while the RSI sets a lower high (HL). The non-compliance eventually leads to a drop in the market value of the crypto in question.
In terms of Bitcoin, its price recorded new highs on June 23 and July 3. In both cases, not only the RSI but also the Awesome Oscillator (AO) produced lower highs (LL). In case the selling pressure continues, the initial support for BTC will be $28,000. Different indicators show that a drop to $25,142 is possible. This level served as resistance between July 2022 and March 2023. Another support closest to this is at $24,267.
Therefore, a retest of $24,267 will likely catalyze the buying pressure. So it will potentially create a local bottom.
bull scenario
On the other hand, if Bitcoin (BTC) price consolidates around $30,000 and gathers enough momentum to overcome the selling pressure at $31,500, it will indicate a resurgence of buyers. In such a case, if Bitcoin price breaks MRI’s Risk Line at $32.308, it will invalidate the bearish thesis. This development could see BTC retest the $35,260 resistance.
What do analysts expect in the long term?
The anonymous server of InvestAnswers predicts long-term bullishness for crypto giants BTC and ETH. In a new video, there are predictions that Bitcoin will exceed $42,000 by the next halving in April 2024. According to the analyst, demand for Bitcoin call options is higher than for put options, which is “very positive”.
Call options are contracts that give the right to buy, for example, Bitcoin at a certain price on or before a certain date. Put options are contracts that give the right to sell at a certain price before a certain date. cryptocoin.com As we have reported, Monday was one of the dates when these contracts expired.
The anonymous server of InvestAnswers, considering options contracts and the next halving, makes the following prediction for Bitcoin:
You can see a large amount of movement at $45,000 on this date, December 29, 2023… But even there, look at the amount of price action: $45,000, $44,000, $43,000, etc. I’ve said many times before that I wouldn’t be surprised if we see $42,000 during the halving by April 2024.
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