Bitcoin may only need 4 weeks to reach $30,000 as key monthly approaches
Bitcoin (BTC) struggled to end the week above $23,000 until February 26 as concerns mounted over stubborn resistance.
BTC price bulls keep faith at $30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $23,318 on the day, up $600 from the weekend low.
The latest move marked a modest comeback after a dismal week for risk assets that saw US stocks suffer thanks to better-than-expected inflation data.
Despite that, Bitcoin still remained below levels that analysts marked as important to recover before the end of the month.
Only isolated voices remained optimistic, these included popular trader Kaleo, who claimed that $30,000 remained a BTC price “magnet”.
Crypto trader Altcoin Sherpa meanwhile offered a benchmark period to reach the $30,000 threshold – “4-6 weeks”.
“$BTC is still in a transition phase from bear -> bull, up starts only when neck is broken!” co-trader and analyst Mags continued in part of a further summary.
Bloomberg Analyst on Bitcoin: “The Trend Remains Downward”
Mike McGlone, senior macro strategist at Bloomberg Intelligence, also expressed concerns about the bulls’ ability to overcome the $25,000 resistance zone.
Related: Bitcoin Sees 25% of World’s Wealth in New $10 Million BTC Price Prediction
“Headwinds remain strong; Markets have bounced – ‘Don’t fight the Fed’ was the dominant headwind for markets in 2022 and remains so in Q1,” wrote in a Twitter summary of new research.
“Bitcoin $25,000 resistance could prove significant for all risk assets.”
The research itself predicted that “the more tactically oriented are likely to focus on responsive selling” when it comes to BTC/USD, while it “may take some time for buy-and-hold types to gain the upper hand.”
The week before, hopefully stayed tall that $25,000 would not be a big hurdle and that BTC/USD would be able to send it without too much effort.
In the event, however, the scope of the task became clear – in addition to questions about exchange order books, key moving averages (MAs) lay above, particularly Bitcoin’s 50-week and 200-week trend lines.
The falling 50-week MA itself led McGlone to conclude that “the trend remains down.”
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
