June 19, 2024

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Bitcoin may only need 4 weeks to reach $30,000 as the major monthly close approaches

Bitcoin may only need 4 weeks to reach $30,000 as the major monthly close approaches

Bitcoin (BTC) sought to end the week above $23,000 through the close of February 26 as concerns about stubborn resistance mounted.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC price bulls are holding onto $30,000

Data from Cointelegraph Markets Pro and TradingView BTC/USD showed it reaching $23,318 on the day, up $600 from its weekend lows.

The latest move marked a modest comeback after a dismal week for risky assets that saw US stocks suffer thanks to above-expected inflation data.

Despite this, bitcoin remained below levels that analysts have indicated are important to recover before the end of the month.

Only isolated voices remained optimistic, including popular trader Kaleo, who asserted that $30,000 remains a “magnet” for the Bitcoin price.

Meanwhile, cryptocurrency trader Altcoin Sherpa progress Reference period for reaching the $30,000 mark – “4-6 weeks”.

“$BTC is still in transition from a bear -> bull, the rally only starts once the neckline is broken!” Fellow Trader and Analyst Mags I continued In part from another summary.

Annotated BTC/USD chart. Source: Mags / Twitter

Bloomberg Bitcoin Analyst: “The trend is still down”

Also looking ahead, meanwhile Mike McGlone, chief macro strategist at Bloomberg Intelligence, expressed concerns about the bulls’ ability to overcome the $25,000 resistance area.

Related: Bitcoin Eyes 25% of World Wealth in New $10 Million BTC Price Prediction

“Headwinds Remain Strong; Markets Recovered – ‘Don’t Fight the Fed’ Was the Dominant Headwind for Markets in 2022, and Still in Q1” books In the Twitter summary of the new search.

“Bitcoin’s $25,000 Resistance Could Be Important for All Risky Assets.”

The same research predicted that “more tactically oriented people are likely to focus on a quick sell” when it comes to BTC/USD, while “it may take some time before the buy-and-hold types gain the upper hand.”

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The previous week, Amal remained elevated That $25,000 will not be a huge hurdle and that BTC/USD will be able to be sent without much effort.

However, in this case, the magnitude of the task becomes clear – in addition to questions regarding exchange order records, the main moving averages (MAs) lie above, in particular the 50-week and 200-week Bitcoin trend lines.

The decline of the 50-week moving average led to McGlone’s conclusion that “the trend is still down.”

1 week BTC/USD candle chart (Bitstamp) with 50, 200 MA. Source: TradingView

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.