Home > NEWS > Bitcoin may only need 4 weeks to hit $30K as key monthly close looms

Bitcoin may only need 4 weeks to hit $30K as key monthly close looms

Opinions vary on BTC price strength, with Bloomberg Intelligence warning that $25,000 may stay in place as major resistance.

Bitcoin was looking for more than $23000 at the close of trading on Feb. 26 because of heightened concerns about resistance.

People who raise the price of bitcoin are optimistic about $30,000.

Bitcoin reached $23318 against the dollar that day, up $600 from its Sunday low, according to Cointelegraph Markets Pro and TradingView.

The new measure means that risky assets are making a soft comeback after a complex week, with U. S. stocks hit hard by higher-than-expected inflation data.

Even so, Bitcoin is still less than the main level that analysts think it will get back by the end of this month.

Only some noises remain happy, including popular trader Cassant, who insists that $30000 is still the "magnet" for bitcoin prices.

In addition, the login password foreign exchange trader Artecoin Sherpa provides a reference period for breaking through the $30,000 price-"4-6 weeks".

"$BTC is still at the turning point of a bear market-> bull market in the stock market. Only when the resistance level is broken through can it gradually increase!" Mags, an industry trader and investment analyst, added in a further introduction.

Bloomberg Investment analysts' view on Bitcoin: "the trend is still declining."

In addition, looking forward to the future, Mike McGlone, a high-end macro strategist at Bloomberg Intelligence (Bloomberg Intelligence), expressed concern about the level in which the duo broke through the $25000 friction resistance area.

"the headwind turnaround is still strong; it has rebounded -'No need to fight the Fed 'was the main headwind turnaround in 2022 and remained the same in the first quarter," she wrote in a summary of the new scientific research in Twitter.

"Bitcoin's pressure level of $25000 could have an adverse impact on all risky assets."

Scientific research itself predicts that at the bitcoin / dollar level, "people who pay more attention to strategy may be committed to responsive sales", while "buy-and-hold" is likely to take a while to gain the upper hand.

In the previous week, the sales market still expected that $25000 would not easily constitute a major hindrance, and Bitcoin against the dollar would be able to do so without too much effort.

However, in this case, the severity of the daily task is increasingly self-evident-apart from the requirements for order information in the trading center, the important moving average system (MA) sits on top, especially Bitcoin's 50-week and 200-week moving averages.

The falling 50-week moving average itself led McGraw to conclude: "the trend is still declining."

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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