Bitcoin Price Forecast – Why BTC Market May Return $30K?
The price of Bitcoin fell below $30,000 amid the current collapse of the crypto market. As of today, the BTC price exceeds the $30,000 level. The decline in the price of Bitcoin is part of the overall decline in the crypto market over the last few days, mainly because of the Terra tasting. However, experts point to one indicator that the BTC price may return from the current level. They say the number of individuals with at least one BTC has reached an all-time maximum. This suggests that BTC may return from current levels, even when crypto markets’ general “extreme fear” mood persists.
Bitcoin continued to consolidate at the level of about 30 thousand dollars. However, the market sentiment on the fear and greed index fell to 8. Accordingly, it descended to one of the lowest points. Meanwhile, addresses containing one or more BTCs have reached all-time highs. This indicates that markets may return from this level.
The BTC weekly chart has fallen below the long-established ascending channel pattern. The next resistance is expected at $40,000 for BTC, while immediate support is expected at $24,000. There were several signs of optimism in the BTC markets. According to IntoTheBlock, levels at $29,500 were close to a substantial support range; Approximately 366,430 BTC occupied 481,910 addresses. Attempts to lower the price to this level may be satisfied by buying from these investors who wish to increase their profits.
Additionally, the chain data show that the number of addresses containing between 1 and 10 BTC increased from 689,000 to 694,000 on 9 May, which indicates the confidence in cryptocurrency recovery.
Return of Bitcoin After a Crash – Is It Possible?
The CEO of Mudrex thinks it may take some time for investors to return to the market after witnessing a massive crash last week. Although Bitcoin stabilized slightly over the weekend, it still returned to $29,000 on Monday. A reversal of the downtrend will be possible only if BTC continues to trade on its support at 27,000 USD to 30,000 USD. Because BTC does not sell excessively, this can keep short-term buyers in the market.
Due to inflation levels and supply chain problems, cryptocurrencies and other stock markets also fell on Monday. It may take some time for investors to return to the market after witnessing a massive crash last week. Experts estimate that the next two weeks will be critical for the entire crypto spectrum.
Last week was a volatile attraction for Bitcoin, during which time the asset fell by $15,000 at one point from $40,000 to a few months low to $25,300. After recovering about $5,000 in the next few days, the waves have changed, and this week has been considerably calmer, at least so far. Two days ago, the most significant price increase was observed when BTC rose to $31,000. However, it changed its trajectory after failing and returned below $30,000. A similar thing happened yesterday when BTC traded above the desired level all day. However, now cryptocurrency is beyond this line, and its market capitalization has been reduced to $570 billion. Currency dominance is still more than 44% compared to violets.
Cryptocurrency Journey
Alternative coins have largely imitated the workings of BTC over the last ten days, With a massive drop last week and a calmer run after the weekend. Ethereum tested its strength yesterday at $2,100; however, It failed, and subsequent rejections returned him up to about $2,000. Binance Coin was trading at $310 yesterday; However, after a small daily drop, it is now as low as $10. A similar decline is seen in Solana, Dogecoin, Cardano, Avalanche, and Shiba Inu. Polkadot has lost the most in the last 24 hours. A 6.5% drop pushed DOT to just over $10. Crypto market capital has also remained stagnant; it is close to $1.3 trillion.