Bitcoin Price Forecast and Analysis: A Big Reason Why BTC Market Can Bounce
The price of Bitcoin (BTC) has dropped below $ 30,000 in the current crypto market crash. As of today, the BTC price has moved above the 30,000 level, valued at $ 30,117 at the time of writing.
The fall in the value of Bitcoin is part of the story of the collapse of the overall crypto market in the last few days, especially due to the defeat of Terra (UST and Luna).
However, experts point out that the BTC price may bounce back from its current level. They say the number of people holding at least one BTC has reached an all-time high, indicating that the BTC may return to its current level even after the overall “extreme fear” feeling continues in the crypto market.
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“Bitcoin continues to consolidate near the $ 30K level. Market sentiment, however, has dropped to 8 on the Fear and Greed Index, down to one of its lowest points. Meanwhile, addresses containing 1 or more BTC have reached all-time highs, an indication Markets that could return to this level, ”WazirX Trade Desk said in a note today.
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“The weekly chart for BTC has broken below the long-formed ascending channel pattern. BTC’s next resistance is expected at $ 40,000 and an immediate support is expected at $ 24,000,” it added.
Darshan Bathija, co-founder and CEO of Vault, said: “There were some signs of optimism in the BTC market. Attempts to push the price below this level can be met by buying from investors who want to maximize their profits. “
“In addition, on-chain data shows that the number of addresses between 1 and 10 BTC has increased from 689,000 to 694,000 since May 9, indicating confidence in the recovery of cryptocurrency,” he added.
It may take some time for investors to recover from the crash
Edul Patel, CEO and co-founder, Mudrex thinks it may take some time for investors to return to the market after witnessing a massive crash last week.
“Bitcoin was somewhat stable over the weekend, but on Monday it dropped again to US $ 29,000. Reversing the downward trend will only be possible if the BTC continues to trade its support between the US $ 27,000 and US $ 30,000 levels, ”Patel said.
He added that since BTC does not appear to be selling well, it could keep short-term buyers active in the market.
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“Cryptocurrency and other equity markets also declined on Monday due to rising inflation levels and supply chain problems. It looks like it may take some time for investors to return to the market after witnessing a massive crash last week. The next two weeks will be crucial for the whole crypto spectrum, “said Patel.
((Bitcoin and other virtual digital assets are unregulated in India. They are considered highly risky to invest in. Please consult your financial advisor before making any investment decision.)
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