• Bitcoin price continues to struggle below $23,500, while the crypto space remains consolidated below respective support that has turned into a resistance.
• Some analysts believe the BTC price could rise and hit $30,000 in the next 4 weeks.
• With a rebound, the price is believed to rise high and approach $30,000 in the next couple of weeks.
Current Market Situation
Bitcoin price today began with a minor consolidation that soon lost momentum and began to deplete. While the price drop appears to be temporary, the impact is expected to be significant. After the recent bearish weekly close, it is quite evident that the BTC price could drop below $23,000 very soon.
Analysts Outlook
Meanwhile, some analysts are still bullish on Bitcoin and believe that it may surge up to $30K in 4 weeks time. A senior Bloomberg analyst Mike McGlone also believes that for this surge to happen BTC needs to cross above $25K resistance first. Furthermore another popular analyst Kaleo recently highlighted an HTF breakout which was beyond a descending trend line maintained for few months past and signaled towards a possible rally towards 30K mark in coming weeks if there’s a rebound from current consolidation level.
Current Price Point
The Bitcoin (BTC) price is currently around $23,438.8 with a jump of 1.11% in past 24 hours while asset has recorded notable drop of more than 4.4% in past 7 days making it clear that market might require some time before reaching its target of 30K mark as discussed by various analysts previously mentioned .
What Can We Expect?
As per current market situation , we can expect bitcoin prices to remain stable or go down further before any possible spike as discussed by various experts . However if we look at historical data , there have been cases when bitcoin prices have risen significantly within short period of times so one should not completely rule out possibility of such event happening again . Only time will tell what can be expected from bitcoin prices .
Conclusion
To conclude , although it seems unlikely for bitcoin prices to reach its all time high of 30K$ anytime soon due to current market conditions , we cannot completely ignore possibility of sudden spike occurring due potentials for such events as seen previously . Therefore only time will tell whether or not our analysis proves correct and what changes can be expected from bitcoin prices over coming weeks .