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Experts’ prediction on BTC price suggests that the leading crypto may wallow below $32K for a while unless strong bullish action rescues it.
Bitcoin (BTC) recently climbed approximately 8% to $31,780.51. Following this development, price prediction for BTC has come in from experts in the industry. Bitcoin’s latest price increase is more than $2,300 from its previous close, representing an overall 25.1% increase from a 2022 low of $25,401.05 on May 12th. In addition, Bitcoin’s latest price upswing sees the prominent crypto change hands 5% higher but remain rooted in the $28,000 – $31,000 range. Current Bitcoin price prediction suggests that there is at least one more negative trend to worry about before investors can breathe a sigh of relief at a sustained bull run.
BTC Price Prediction
Experts say that BTC has been trading in the red zone for nine consecutive weeks. Furthermore, the ensuing negative returns forced several traders to take a risk-off approach as the leading coin wallowed sustainably for the first time in its history.
“For the first time in history, Bitcoin has traded in the red for the past nine weeks in a row. The asset has taken multiple support around $28,800 in the past and this time too, it is doing exactly the same and is not sustaining below the support,” ZebPay Trade Desk analysts explained in an email note. In addition, they also added:
“Technically, on a daily time frame, after making a ‘Long Legged Doji’ candle at the low, BTC is trading sideways in a range between $28,500 to $31,500. Breakouts on either side of the range will further decide the trend for the asset.”
As a result, general prediction suggests that Bitcoin price may not see an immediate recovery at the moment. This is because market sentiment for the leading crypto and the major altcoins remain in the “extreme fear” zone.
WazirX Trade Desk states that the next resistance level for Bitcoin is at the $40K threshold. They further state that:
“The daily RSI for Bitcoin has cropped up over the 40 level for the first time since the start of May 2022. The market sentiment for Bitcoin and crypto, however, continues to remain in the “extreme fear” zone.”
Sustained Bullish Activity Key to Bitcoin Price Upswing
Analysts and market observers postulate that Bitcoin may lag in the period required before it finally reaches its strength. However, they also suggest that the token may surpass the $30K price level if buyers extend support. BTC market cap is down approximately 32% this month alone, but the crypto’s price jump within the last 24 hours suggests notable bullish action on the dip. Mudrex’s CEO and Co-Founder Edul Patel noted that the extension of such bullish action will “keep the buyers active in the market”. This may be long enough for BTC price to make a run for the earmarked support levels.
Just like BTC, altcoin prices have also climbed in the last 24 hours. For instance, Ethereum (ETH), Cardano (ADA), and Solana (SOL) all jumped 12%.