TL;DR Breakdown
- Bitcoin price prediction expects a drop and rise to $30000.
- Strong resistance opposing the downward motion is found at $33864.
- Strong support is found at the $32400 mark.
The king of cryptocurrencies has been fluctuating since the fall in mid-January. Bitcoin has been struggling between bullish and bearish pressures ever since. The 24-hour low for Bitcoin was $32,386, while the 24-hour high was $34,723. Bitcoin gradually declined, with fluctuations, after the 24-hour high was established. At the time of writing, Bitcoin was trading hands $33,907 apiece.
The market outlook for Bitcoin is bullish. Out of the 26 technical indicators, 13 stands at a buy position; nine stands at neutral, with four sell positions. Eight of the oscillators are neutral, with two at buyers’ position and one at sellers’ position. 11 of the moving averages are at the buy position, while three indicators are at the sell position and a neutral position.
Bitcoin price prediction: What to expect?
Analyst Vince Prince is bearish on the cryptocurrency in his Bitcoin price prediction. The analyst has identified a descending channel formation with a coherent wave count near completion within the channel. Per the Bitcoin price prediction, the cryptocurrency has completed a fair few wave counts and is currently underway completing another wave count. Presently, Bitcoin stands at wave D of the wave count on the channel formation’s upper boundary.
As bullish pressures undertake the trendlines, Prince expects Bitcoin to fall to the lower boundary of the channel formation at wave E while completing the wave count. While moving towards wave E, Bitcoin is also expected to cross the ascending local support and resistance line.
Per the analyst, the ascending trendline, which lies parallel to wave E, is crucial for Bitcoin to hold. Failure to withhold the level would most likely result in Bitcoin breaking out from the formation towards the bull flag invalidation zone. On the other hand, strong bullish pressures can help Bitcoin break out from the channel to the upside and confirm the bull flag.
Analyst Signal Centre is expecting bullish momentum from the cryptocurrency in their Bitcoin price prediction. Per the analyst, Bitcoin is nearing a break out from the triangle formation. With the technical indicators being bullish, the future outlook for Bitcoin appears to be the same. The analyst also points out strong resistance at $34,200; hence a minor correction can be expected. Per the analyst, the price target lies at $34,788, followed by $36,986.
Bitcoin adoption increasing in the US
Francis Suarez, the mayor of Miami, aims to make the tech and financial environment of the city rival that of New York and San Francisco. An important aspect of the mayor’s vision is cryptocurrencies – particularly Bitcoin. The mayor believes Bitcoin is the next big thing and, hence, is undertaking Bitcoin inclusion steps.
Presently, the administration is debating inclusion by giving workers the chance to get paid in Bitcoin, accepting taxes and fees in Bitcoin, and investing the treasury’s capital in cryptocurrency. Implementation of any of these pathways can result in a massive increase in the adoption and popularity of Bitcoin. The mayor – being a Bitcoin fan – is also contemplating financing his re-election campaign through Bitcoin. The cryptocurrency has found itself another friend in big places.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
