Bitcoin Value Smash – What to Expect; Predictions
The price of Bitcoin has risen more than 5 percent in the last 24 hours and was at $30,618. According to reports, the price of BTC has remained in the $28,000- $31,000 range over the last many days. There is at least one negative trend; it could be a big cause for concern for Bitcoin supporters against the background of the current darkness of the crypto market. Bitcoin has seen negative returns for nine weeks in a row, forcing many traders to take a risk-free approach. Experts say this is the first time in the short history of cryptocurrencies that Bitcoin has been trading in red for nine weeks in a row.
The asset has received multiple supports of approximately $28,800 in the past. The largest crypto asset with market capitalization is up almost 32 percent this month. In the last 24 hours, the BTC price jump indicated that the bulls are buying a drop. Because the market sentiment for Bitcoin and other cryptocurrencies remains in the “extreme fear” zone, an immediate price recovery may not be expected. According to the WazirX Trade Desk, the next resistance of Bitcoin should rise to $40,000. Bitcoin’s daily RSI has moved to 40 for the first time since the beginning of May 2022. However, the market sentiment for Bitcoin and Crypto remains in the “extreme fear” zone.
Bitcoin Forecasts
Experts say a top crypto asset may still take some time to reach strength. However, it can reach over $30,000 if buyers continue to support it. BTC continues to consolidate. However, the largest crypto may take some time; To reach the level of strength. BTC could rise above the initial resistance by $33,000. However, this will only happen if buyers continue to support us. This growth can keep buyers active in the market.
Several crypto experts cite the so-called correlation between stock market pay and bitcoin; As the reason for the current drop in a major crypto-asset price. In simple words, they said it was natural for crypto prices to fall in a stock market slump. However, that claim was downgraded last week when U.S. and global stock exchanges recovered while cryptocurrencies continued to collapse.
While U.S. and global stocks resumed and closed on Sunday with the first weekly increase since late March; The same has not been observed in crypto markets. Alternative coin prices have risen in the last 24 hours. Assets such as Ethereum, BNB, Polkadot, Solana, Cardano, and Avalanche witnessed a jump of up to 12 percent. Cardano added about 10 percent; When Iagon launched its Ethereum-Cardano bridge for the second-largest stable coin, the USDC.
Conclusion
Despite the long-term crash, Bitcoin reached a seven-day high. The critical question for investors and crypto fans is whether the industry’s most significant asset can maintain its momentum in price growth. The rest of the market is primarily green on Monday mornings as well. Ethereum grew 6.6% yesterday. It is currently trading slightly above $1,900. However, this was not enough to bring the ETH green zone to a weekly chart. The coin fell again by 7.35% in the last seven days. In the other top-10 largest cryptocurrencies, Solana has risen 8.3% in the last 24 hours. Still, like Ethereum, SOL and ADA were in red last week, By 12.4% and 5%, respectively.
It is worth noting that for many crypto lovers, the recent crash of Bitcoin was an unpleasant surprise. Moreover, experts expected that the most popular digital currency would be able to overcome the $100,000 mark in the first half of the year. However, 2022 is crashing for digital currencies. What will happen in the future? We will see.
