Could Bitcoin Price Soon Reach $25K?
Leading cryptocurrency traders are asking when the Bitcoin price will start to recover. However, it seems that the first milestone is $25,000. Here are the details...
Will BTC mining affect its price?
A double-bottom pattern formed on the weekly timeframe chart of the technical Bitcoin chart. The Bitcoin market is prone to shocks and breakouts. So what happened last week should not be considered an exception. Therefore, the leading cryptocurrency was in a bearish trend. It's also on the verge of making a new low. But a strong price increase has changed the technical perspective. According to on-chain data, Bitcoin mining difficulty reached an all-time high. At a block height of 753,984 hash blocks, Bitcoin mining difficulty increased by 3.45 percent. Profitability for miners is falling.
This is due to the recent drops in high CPI figures and the potential for BTC to fall as low as $10,000. So, the average hash rate is at 229.39 EH/s. This is not far from the record-breaking 231 EH/s, despite profitability concerns. Let's turn to the BTC price. The double bottom pattern observed nearby is likely to lead to a major reversal. The support zone between $18,000 and $19,000 is critical. These levels seem to be the most important for the bulls to hold. Otherwise, the market may fall to $15,000. Also, the Fibonacci retracement indicator for the latest bearish expansion move shows that the 61.8 percent retracement level is close to the $22,500 resistance.
These levels are critical for the Bitcoin price
For the price to continue rising, it needs to break above the previously mentioned levels. In shorter timeframes, the market structure has changed and is currently positive. BTC, however, should continue to hold support at $18,672. The Bitcoin price forecast suggests that BTC may start a negative correction due to the presence of bears. If the $19,000 support level is decisively broken, the selling pressure may increase. Therefore, the consolidation could turn into a bear run if the bears drive the market price lower. The next hurdle for the leading cryptocurrency could materialize at the $21,000 level.
However, the recent sideways trend is likely to continue in the next few days. Bitcoin has a market capitalization of $385.3 billion and a 24-hour trading volume of $38.4 billion. As cryptoify.blogspot.com reported, BTC has fallen nearly 70 percent from its ATH of $69,000 in November 2021. Now it is trying to recover again.
Source: Altcoinbuzz
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