This week, multiple Bitcoin analysts shared their predictions about the upcoming price action. Featured dates and price levels largely coincide with $30,000.
Loma predicts Bitcoin will likely climb to $30,000
The crypto analyst nicknamed Loma believes that Bitcoin will witness a boom towards $30,000. In his latest analysis, he said that a strong short squeeze could accelerate Bitcoin’s rally towards its target.
A short squeeze occurs when investors who borrow a coin at a certain price have to repurchase their borrowed assets in hopes that the difference will be lower, momentum moves against them, triggering more rallies. At this point, Loma draws attention to the opportunities in the BTC chart.
Loma predicts a massive rally for BTC. Still, he says the increase will likely come after Bitcoin witnesses a deep correction on its way to $22,000.
DonAlt says BTC price will move in weeks
Meanwhile, fellow analyst DonAlt interprets BTC finding resistance at $30,000 as a good sign. According to DonAlt, a few weeks of consolidation could provide a basis for BTC to go higher. According to their analysis:
$27,400 lost its relevance. We cut the bottom very hard right away. Leverage games are shit now, no clear setup anywhere because of the chopping. However, the longer this lasts, the better for the bulls, after another week or two, I think we’ll be back in the range ($27,400 – $29,400).
Altcoin Psycho agrees with DonAlt
Altcoin Psycho says it agrees with DonAlt’s idea to stay on the sidelines for now. According to crypto strategists, they are reluctant to enter the crypto markets right now in the midst of meme coin rallies as this year’s uptrend shows that it is about to end.
Looking at Bitcoin (BTC), Altcoin Psycho says he expects it to retest the $25,000 price area as support before making any moves.
Kaleo says ‘violent’ rise is coming
The crypto analyst and trader nicknamed Kaleo says that Bitcoin is about to start a strong rally that will last until July. However, it predicts a major move to the upside for Bitcoin.
Kaleo says that Bitcoin has regained a high time frame (HTF) support level after falling below it for several days. He notes that this price behavior is often a recipe for a drastic increase.
The analyst predicts that Bitcoin will surpass the $40,000 level by July. BTC is currently trading at $27,300. In such a case, it will gain more than 46% value from its current price.
Bloomberg analyst Mike McGlone raises red flags
According to Mike McGlone, senior macro strategist at Bloomberg Intelligence, the future of Bitcoin is shrouded in uncertainty. Bitcoin experienced a significant liquidity pump at the end of 2019 that took its value to new heights. However, McGlone suggests that this historical event could indicate a reversal, leading to a correction. With Bitcoin hovering around 27,000 on May 19, there are valid concerns about its ability to maintain its upward trajectory.
McGlone, who you follow on cryptokoin.com, points to Bitcoin’s 52-week moving average, which is bearish compared to the extraordinary increase witnessed at the beginning of 2020. Bitcoin started to recover from the bottom when it dropped to around $15,000 in 2022. Then in April 2023, its value rose to approximately $30,000.
Rekt Capital reports that the RSI is exaggeratedly bullish
Commenting on the current Bitcoin price spikes, popular on-chain analyst Rekt Capital said that Bitcoin could form an “exaggerated” bullish divergence in the daily RSI. Despite the rise, investors urge to watch Bitcoin at $27,600.
#BTC may be forming an "exaggerated" Bullish Divergence on the Daily RSI
A potentially positive sign for some upside movement however important to realise that the key resistance to beat is ~$27600$BTC #Crypto #Bitcoin pic.twitter.com/OL5IRY4XPX
— Rekt Capital (@rektcapital) May 23, 2023
Nicholas Merten expects Bitcoin price drop in the long term
According to analyst Nicholas Merten, there is a growing concern about the potential dangers when it comes to trading and investing in Bitcoin, cryptocurrencies and stocks in the coming years.
The analyst said, “If Bitcoin is rising from 16,000 to 20,000, what do you think Jerome Powell is thinking right now? What do you think goes through your mind when you see financial assets being supported in this way? He sees that there is still too much money in the system. Too many people are speculating. It’s buying assets that they really don’t need to buy in what should be a recession right now.”
Can Bitcoin reach $40,000?
Bitcoin could reach $40,000 in the second half of next year, according to analysis published by analyst Sahana Vibhute. According to this analysis, the rise of Bitcoin will allow altcoins to grow depending on Bitcoin. Experts predict that an increase in the price of Bitcoin could lead to an overall growth in the cryptocurrency market.
Reaching the $40,000 level of BTC will cause excitement in the market. It will also present potential opportunities for investors. However, like any investment decision, Bitcoin’s future price movements are uncertain. The sharp decline of 3.5% during the day is the latest indicator of this.
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