Experts predict what to expect
Bitcoin Touches $31,000: Experts Predict What to Expect
The price of bitcoin (BTC) fell from its lofty perch of $31,000 on Saturday, leaving investors anxious about when the alpha coin will regain ground.
The price drop has prompted analysts to share their estimates for the leading cryptocurrency. According to market analyst Michael van de Poppe, while Bitcoin appears strong, it may experience minor corrections during the uptrend. He identifies the $31,700-32,000 range as a significant resistance level, where he expects to see price highs in the near future.
Related readings: Bitcoin Rise Continues: Trader Predicts $60k-$70k Range After Consolidation
What the experts say
Regarding the cryptocurrency market, he mentioned that $25,000 used to be the preferred buy level for many. However, with the recent increase, he expects to shift to $28,500, where buying interest may wane. As a result, he now identifies $29,700 as a potential new support or price floor to keep an eye on.
Vice versa, according to the social media personality CryptoTony, the trajectory of Bitcoin remains uncertain. Despite the breach of $30,000, he advises traders who are not currently invested to exercise patience and observe how the market reacts to potential support levels.
Unlike, CryptoTommey, a popular cryptoanalyst, believes that the price trajectory of Bitcoin remains uncertain. He noted that while BTC may briefly touch $32,000, the leading currency will most likely retest the $25,000 or $28,000 support levels to maintain the ongoing bullish momentum. This analysis shows the different view of the current market run, which has puzzled many stakeholders.
Bitcoin has once again sparked investor greed at $30,000
Bitcoin has exceeded expectations in 2023 with its bullish run. New trends have marked this particular race; But one metric that stands out consistently is fear and greed. The last data from Coinstats indicates that the recent price surge to $30,000 has resulted in greed returning to the market after nearly three weeks. According to previous trends, it can signal a potential price decline when greed becomes dominant, so it identifies this moment as a “selling opportunity.”
Related readings: Arbitrum (ARB) leads the top 50 cryptos with double-digit gains in weekly rankings
Conversely, it suggests that when fear prevails, it may be a favorable time to buy and await future appreciation. However, it is important to note that this indicator does not reveal the source of the data for these results. On the other hand, the fear and greed indicator is composed of Options Explorer indicates that the Bitcoin market has been driven by greed for most of 2023. It reveals that with the cryptocurrency surpassing $30,000, greed has reached its highest point in 2023.
Nevertheless, the crypto market has continued to prove its dynamism with new trends. For example, the trading volume of the BTC/USD pair has been falling since mid-March, suggesting that there is little market power to push the price higher. However, Bitcoin’s price has yet to falter, with the leading coin shooting to its highest price in 10 months earlier this week.
Featured image from iStock.com, charts from Alternative Explorer, Tradingview.com and Twitter.
