What is Bitcoin’s Next Price Target?
Bitcoin (BTC) has regained market attention as it aims to surpass the $30,000 level amid an ongoing short-term rally. In this resurgence, some analysts are predicting that BTC is ready for more mobility and will potentially reach an all-time high.
Prominent crypto analysts and traders often make predictions by taking into account technical analysis, chart patterns and their knowledge of the market. Indications that analysts are tracking BTC at the $35,000 level, along with historical patterns and technical indicators, show that this level can be shown as a technical resistance or support point.
According to TradingShot’s analysis, a breakout of the RSI for BTC from the 70.00 level may indicate an overshoot. Overbought usually means that the price of an asset is overbought in a short period of time.
TradingShot’s annual pattern is described as “Channel Up”, continuing the current uptrend that could push BTC to new highs.
Bitcoin’s Binary Movement Value Support
The 1-day moving average (MA) change is one of the important tools used in technical analysis to better understand price movements. Moving average indicators with different periods such as MA50 and MA100 are available in different time frames to learn market trends.
According to the analyst, the next significant buying opportunity will be a development situation that does not allow Bitcoin’s 1-day MA100 to move.
Additionally, the analyst states that they will target a symmetrical high at $35,500 at the 1.5 Fibonacci extension and buy at this level.
The SEC has not made any specific time commitments and the process of approving or rejecting such a product can be quite complex. Court rulings and appeals may lead to SEC rulings
The approval of BTC ETFs could be a significant development for cryptocurrency markets as these products have the potential to provide traditional investments with access to cryptocurrencies.
Bitcoin Price Analysis
It was observed that the price of Bitcoin (BTC) was at $ 29,803 at the time the news was published and increased by approximately 1% daily. Additionally, the weekly chart showed BTC gaining over 10%
The daily drawdown from TradingView indicates a “strong buy.” This shows that analysts or trading platforms believe in the rise of BTC based on its technical indicators.
BTC price continues to make short-term gains and remains between $25,000 and $30,000