Bitcoin (BTC) price action has shown a resurgence of bulls over the past 48 hours. However, this movement may stall and reverse if certain resistance levels are not exceeded. Famous analysts predict what will happen between $ 29,000 or $ 21,000 in the coming days.
Bitcoin price approached a breaking point
Bitcoin price is facing rejection in the four-hour supply zone, stretching from $23,932 to $24,722. Additionally, BTC came close to retesting the midpoint of the 42% collapse at $24,655. Thus, it makes this level a difficult region to overcome.
Analyst Akash Girimath, looking at the technical outlook above, advises investors to wait for Bitcoin price to cross the $24,655 level again and trigger a sell signal. The resulting drop will push BTC back to $21,430. This price action will be the first move for the bears as they can dip further to gather the sell-side liquidity below the equal lows of $20,750. These levels are also one of the main targets for whalers and market makers. Girimath expects BTC to spend some time here. In a worse scenario, the Bitcoin price will trigger a crash to $13,000 where a macro bottom will form.
Will Bitcoin continue to rise in the next few days?
Analyst Denys Serhiichuk shared a detailed technical analysis to answer this question today. If BTC breaks the $24,200 resistance level, the bulls’ next target will be $24,500. As BTC is currently trading in the $23,100 region, the scenario the analyst pointed out will be tested in the coming days.
On the other hand, on the wider time frame, BTC broke the $24,000 resistance. This means that the bulls are ready for a continued uptrend. If the daily candle closes near $24.445, it will lead to growth until mid-August to $25,000 area.
Will Bitcoin get $30,000 back soon?
Cryptocurrency phenom Mike Novogratz is hopeless that Bitcoin will do it. Novogratz believes that Bitcoin is unlikely to regain the $30,000 level in the near future. Galaxy Digital CEO says that BTC will be trading in the current price zone for a while. At the same time, he claims that no one has seen Bitcoin take a step back. This means that the Bitcoin price is unlikely to drop significantly in the near future.
On the other hand, Bloomberg senior commodity strategist Mike McGlone recently reaffirmed his $100,000 price prediction, claiming that it is only “a matter of time” for the biggest cryptocurrency to reach this level. However, Novogratz is less optimistic than McGlone on this issue. Galaxy Digital CEO doesn’t believe crypto enthusiasm is coming back anytime soon due to the Fed’s rise in interest rates. As you follow on Kriptokoin.com, BTC is trying to hold $23,000, down 4% on August 9.
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