The post Bitcoin (BTC) Price Won’t Surpass $30k Again Anytime This Year – Predicts Analyst appeared first on Coinpedia Fintech News
Renowned crypto analyst, Mags, has recently shed light on Bitcoin’s current market scenario, drawing comparisons to its 2019 behavior. According to Mags’ analysis, the digital currency may not breach the $30,000 mark again for the entirety of 2023, hinting at a potential rebound only in early 2024.
Echoes from the Past
In a reminiscent twist to 2019, Bitcoin seems to be replaying a similar pattern. Three years ago, after moving below its Bull Market Support Band, Bitcoin’s price lay dormant for almost an entire year before resurging. Presently, as Bitcoin drifts away from its Bull Market Support, Mags predicts it might hover between the $22,000 and $30,000 bracket for the remainder of this year.
#Bitcoin Lost its Bull Market Support ??
Back in 2019 after Bitcoin broke down the Bull Market Support Band price went sideways for <310 days> before it reclaim the Support.
We’re now observing something similar as price has lost the Bull market support. If we follow the… pic.twitter.com/rmxDg4IHyx
— Mags (@thescalpingpro) August 26, 2023
At the time of writing this article, the crypto giant stands at $26,007. On August 23rd, it made an unsuccessful attempt to overcome a resistance at $26,833. This signifies that market pessimists are capitalizing on any price surges. Consequently, Bitcoin’s value remains trapped, fluctuating between $24,800 and $26,833.
Bulls vs Bears: The Tug of War
Consolidation near a range’s support traditionally denotes a bearish aura. The reason? It points to the absence of robust buying momentum from optimistic traders. This sentiment is further solidified by the descending 20-day Exponential Moving Average (EMA) marked at $27,463 and the Relative Strength Index (RSI) reflecting an oversold market – clear indicators that pessimists have the reins.
If Bitcoin’s price spirals below the $24,800 mark, it could activate multiple trade stop losses. This cascade could propel Bitcoin toward a significant support point at $20,000. On the brighter side, any move beyond the 20-day EMA could signal a resurgence, potentially steering the currency towards the 50-day Simple Moving Average (SMA) benchmarked at $29,055.
Bitcoin’s journey, often marked by its volatile nature, has always kept the global community on its toes. One thing is clear though – eyes will be on early 2024 for a possible revival.