Crypto community sets Bitcoin price for September 30, 2022

After initially showing signs of a breakout, Bitcoin (BTC) is beginning to show bearish sentiment, with the flagship cryptocurrency facing a renewed battle to maintain its price above $20,000.

Notably, the asset is coming off a two-month rally that culminated in the price topping $25,000, and investors are now focusing on the crypto’s next target price.

Along these lines, the crypto community at CoinMarketCap predicts that Bitcoin will rise by 36.75% from its current value, to trade at an average of $29,346 by the end of September 2022. The price target is based on votes from 20,683 community members.

The community prediction remains bullish after Bitcoin’s recent rally tried to push the asset out of the extended bear market. However, BTC’s inability to breach $25,000 has emerged as macroeconomic concerns continue to take center stage, with the crypto market reacting negatively to the Federal Reserve’s decision to raise interest rates amid rising inflation.

Bitcoin struggles to stay above $21,000

At press time, Bitcoin was trading at $21,500, down nearly 10% over the past seven days. During the period, the asset also fell below $21,000.

Amid the volatility, crypto trading expert Michaël van de Poppe in a chirping posted on August 23, maintained that Bitcoin is stable, but the asset could borrow some strength from activity in the Eurozone.

“Well, it’s good that Bitcoin remains stable, while the rest fall sharply. If the euro turns and stocks imply a bounce, Bitcoin can have a decent strength,” Poppe said.

Bitcoin’s opportunity to correct further

Elsewhere, cryptanalyst Direct Capital believe Bitcoin may correct further, especially after the asset traded below its 200-week moving average. In a chirping published on August 22, the analyst noted that historically the asset had plunged further when it broke the level.

“Historically, $BTC tends to fall -14% to -28% below the 200-MA. In fact, BTC already fell -21% below the 200-week MA in mid-June, which was very much in line with historical numbers,” he said.

After Bitcoin’s latest correction, it pushed the market to struggle to keep its $1 trillion capitalization; therefore, the focus is now on when the winter market will bottom out.

Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.