When we look at the markets in general on the last day of the week, a green outlook welcomes us. The leading cryptocurrency Bitcoin has risen from the level of 22 thousand where it was yesterday and started to price above $ 23 thousand. Ethereum has also increased by 33.90% in the last 7 days. Many analysts and experts state that the new bull season should start now.
What Level Is The Bitcoin Price?
Bitcoin had risen above $ 24,000, an important resistance point, this week, delighting investors and moving the market, but yesterday, after Tesla announced that he was selling Bitcoin, the leading cryptocurrency had retreated to the level of $ 22 thousand. When we look at it today, we see that it is priced at 23 thousand 474 dollars with a daily increase of 2.23%.
BTC Above 50-Day Average
First of all, Bitcoin has been exhibiting price activity above its 50-day moving average for about 4 days. After the decline in May 2021, Bitcoin, which exceeded its 50-day moving average, had increased to 69 thousand levels. However, at the low levels of the previous bear season, Bitcoin rose above the 50-day moving average, remained above this level for a few days, and then experienced a sharp candle retracement. Considering the FED’s interest rate decision, which will take place on July 27, that is, 5 days later, we should also consider the possibility that Bitcoin will remain above the 50-day moving average and retrace after the FED’s interest rate decision. So what do the experts think about this issue and what kind of statements do they make?
What Do Experts Think?
TechDev, an analyst closely followed by many cryptocurrency investors, states that Bitcoin has now come to the end of the bear season and thinks that a new bull cycle should begin with the increase in the adoption rate in the leading cryptocurrency. The analyst also underlined that Bitcoin will be at the level of 300 thousand dollars in 2025. Another person who made a statement about the levels Bitcoin will see was Galaxy Digital CEO Mike Novogratz.
Mike Novogratz Gives His Prediction
Galaxy Digital CEO Mike Novogratz evaluated the latest situation in the cryptocurrency market in a recent Bloomberg post. Although Novogratz will evaluate the successive Bitcoin sales of institutional investors in the short term, he pointed out the rising inflation rates around the world, and stated that the global adoption of Bitcoin will increase significantly and the price of Bitcoin will rise above $ 500 thousand in the next few years.
Bitcoin Price Analysis
As we mentioned at the beginning of our video, when we look at the 24-hour data, the Bitcoin price is above the level of 23 thousand dollars with an increase of 2.23%, and according to the 7-day data, it is experiencing an increase of over 12%. If Bitcoin continues its current upward price action and closes above the $23,880 resistance zone, I underline this again. If it closes above $23,800, it can gain strength to throw itself above $24,000. The resistance point it will encounter after this level will be the $ 24 thousand 250 level, and after this level, it will face the strong resistance level of $ 25 thousand. If the leading cryptocurrency fails to pass the resistance level of $ 23,880 and starts a downward breakdown, the support level we will encounter will be $ 22,750. We see the level of $ 22 thousand 500 as the strong support level below this level, and the levels of $ 21 thousand 450 can be followed in the downward declines to be experienced from here.
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