Bitcoin is facing new obstacles in order to keep its price above $20,000. This happened after Bitcoin just finished a two-month boom that resulted in a price gain of more than $25,000. Now, as a result, investors are now focusing on the cryptocurrency’s next target price.
Following a two-month increase, the price of bitcoin has risen to more than $25,000.
Bitcoin is suddenly looking negative, with the price battling to stay over $20,000 BTC is down 0.12%, currently trading at $21,498.
After initially flashing optimistic signs, Bitcoin (BTC), the main cryptocurrency, is now expressing negative emotions. The flagship currency, Bitcoin is facing new obstacles in order to keep the price above $20,000
The cryptocurrency community on CoinMarketCap predicts that Bitcoin will rise by 36.75% from its present value by the end of September 2022, trading at an average price of $29,346.
To select the pricing objective, about 20,683 community members voted.
BTC Can’t Surpass $25,000 – Macroeconomic Conditions At Fault
Bitcoin’s price changes by roughly $21,000. Despite Bitcoin’s latest rise, which attempted to bring the asset out of a lengthy negative market, the community’s outlook remains upbeat.
The crypto market responded negatively to the Federal Reserve’s decision to hike interest rates in the face of growing inflation, but BTC’s failure to reach $25,000 has surfaced as macroeconomic worries continue to dominate.
Bitcoin was down 10% in the preceding week at the time of publishing. Bitcoin’s price has stabilized at over $21,000, indicating that a dramatic move is imminent.
The price of Bitcoin, the most well-known cryptocurrency, is expected to retrace to $18,300, according to Katie Stockton, founder, and managing partner of Fairlead Strategies.
According to Stockton, the world’s largest coin has gone below its 50-day moving average, indicating an impending major downturn.
Despite the turbulence, bitcoin trading specialist Michael van de Poppe stated on August 23 in a tweet that Bitcoin is stable and may benefit from the Eurozone’s operations.
BTC has historically fallen between -14% and -28% below the 200-MA. Indeed, in mid-June, BTC fell -21% below the 200-week MA, which was consistent with historical data, he said.
Prediction Of A Long-Term Downturn For BTC Price – New Obstacles
Analysts now anticipate a bigger chance of a long-term slump given that the cryptocurrency has lost impetus. Stockton believes that the price of the major cryptocurrency will shortly stabilize.
Stockton believes it will most likely fall to the low $18,000 level after a brief relief bounce.
This year, unfavorable macroeconomic conditions have had a substantial negative influence on the cryptocurrency sector, with Bitcoin presently selling at a price that is about 69% below its all-time high.
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