Bitcoin price finally hit the $25K psychological level today, but failed to build momentum and fell below $23.7K. The sudden fall came after U.S. Federal Reserve officials’ hawkish comments. Stronger-than-expected US economic data and hawkish remarks from Federal Reserve officials including Loretta Mester and James Bullard suggesting another 50 bps rate hike caused the U.S. Dollar Index (DXY) to jump above 104.50 on Friday, hitting its highest levels in six weeks.
Despite the sudden fall in the Bitcoin price, crypto analysts are still bullish on Bitcoin price to hit at least $27K. Popular analyst Michael van de Poppe predicted a fall to the crucial support of $22.8K and then making a continuation towards $27K.
Moreover, analyst Ali Martinez’s analysis also supported the bullish continuation in Bitcoin price. He shared that IntoTheBlock’s In-Out Money Around the Current Price (IOMAP) data shows a vital support barrier between $21,700 and $23,700, where 1.60 million addresses bought over 1.32 million BTC. He predicts Bitcoin price to hit at least the $27K resistance level if this demand wall can hold the price to fall lower.
The on-chain data Williams %R (60-day period) for BTC: Estimated Leverage Ratio also indicates Bitcoin still has room for a further bullish momentum to $27,100. There’s a gap in on-chain trading volume before the resistance at this level. Thus, there’s low selling pressure on Bitcoin.
The question now remains, can Bitcoin price hit $30,000? Bitcoin (BTC) price fell nearly 4% in the last 24 hours, with the price currently trading at $23,796. The 24-hour low and high are $23,460 and $25,134, respectively. Furthermore, the trading volume has increased by just 7% in the last 24 hours, indicating a mild interest among traders.
BTC price can potentially hit $30,000 but is likely to remain under pressure due to the U.S. Fed’s hawkish stance. Moreover, support from whales and institutional investors is needed to hit the $30,000 psychological level. Although the Bitcoin price has been volatile in the past, it has shown a steady upward trend since its inception in 2009.
The Bitcoin network has seen a steady increase in the number of transactions over the years. This indicates that more people are using Bitcoin as a means of payment or as a store of value. As more people become aware of the benefits of using Bitcoin, its value is expected to continue to increase.
Moreover, the increasing acceptance of Bitcoin by major retailers and other businesses has also helped to boost its price. For example, PayPal recently announced that it would allow customers to buy, sell, and hold Bitcoin, signaling a major shift in attitude towards digital currencies.
In addition, the increasing number of Bitcoin ATMs in major cities around the world is also a sign that more people are using Bitcoin as a form of payment. This further increases the demand for Bitcoin and helps to drive its price up.
Overall, it is possible for Bitcoin price to hit $30,000 in the near future. However, the volatility of the cryptocurrency market makes it difficult to predict how the price will move in the future. Therefore, investors should always do their own research and remain cautious when investing in Bitcoin.