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With the price of Bitcoin continuing to rise relentlessly towards the $29,000 level, there has been much speculation about where the BTC price will stay in the near future. Currently, BTC is trading near the $28,200 level, representing a rise of around 12.6% since the beginning of 2021, and a massive surge since its $3,858 low back in March 2020. Bitcoin’s impressive run has brought its market capitalization to a new high of $532 billion, and institutional interest continues to soar as well.
In terms of price predictions, some analysts are looking for BTC to continue its current uptrend, going as high as $50,000 or even $100,000 in the long term. In the short-term, some traders are anticipating potential pullbacks in the form of a correction as BTC continues to reach higher highs. However, there are also some analysts who believe that a correction is unlikely, as the strong bullish momentum remains intact.
In order to determine the potential future trajectory of the BTC price, it is important to keep an eye on certain key levels. These include support levels, resistance levels, and the 200-day moving average. The primary support level is the $25,000 level, which was also BTC’s low in December. If BTC falls below this level, a sharp selloff could occur, and we could see BTC test its low of $20,500. However, if the cryptocurrency manages to bounce above $25,000, the next key resistance level to watch is $29,400. This is also the previous all-time high and, if broken, it could send BTC skyrocketing to $35,000 and, potentially, even higher.
The 200-day moving average is also an important technical indicator to watch for BTC traders. This average has consistently provided support and resistance to BTC’s price action over the years and, as of right now, is near the $23,000 level. If the moving average holds as support, BTC could remain relatively stable at its current levels before making another push towards $29,400. However, if it breaks, it could point towards a correction, with BTC falling towards $18,000 and below.
Overall, Bitcoin’s strong bullish momentum is unlikely to relent anytime soon, and traders should be aware of these key levels to be able to more accurately predict its future trajectory.