NewsletterBitcoin Price Still Bullish To Hit $30K, Predicts On-Chain Data And Crypto Analyst
Bitcoin price finally hit the $25K psychological level today, but fails to build momentum and fell below $23.7K. The sudden fall came after U.S. Federal Reserve officials’ hawkish comments.
Stronger-than-expected US economic data and hawkish remarks from Federal Reserve officials including Loretta Mester and James Bullard suggesting another 50 bps rate hike caused the U.S. Dollar Index (DXY) to jump above 104.50 on Friday, hitting its highest levels in six weeks.
However, crypto analysts are still bullish on Bitcoin price to hit at least $27K. Popular analyst Michael van de Poppe predicted a fall to the crucial support of $22.8K and then making a continuation towards $27K.
Moreover, analyst Ali Martinez‘s analysis also supported the bullish continuation in Bitcoin price. He shared that IntoTheBlock’s In-Out Money Around the Current Price (IOMAP) data shows a vital support barrier between $21,700 and $23,700, where 1.60 million addresses bought over 1.32 million BTC.
He predicts Bitcoin price to hit at least the $27K resistance level if this demand wall can hold the price to fall lower.
Meanwhile, the on-chain data Williams %R (60-day period) for BTC: Estimated Leverage Ratio indicates Bitcoin still has room for a further bullish momentum to $27,100. There’s a gap in on-chain trading volume before the resistance at this level. Thus, there’s low selling pressure on Bitcoin.
Also Read: Crypto Market Liquidation Breaches $185 Million; Bitcoin Falls Back To $23.6K
Can Bitcoin Price Hit $30,000?
Bitcoin (BTC) price fell nearly 4% in the last 24 hours, with the price currently trading at $23,796. The 24-hour low and high are $23,460 and $25,134, respectively. Furthermore, the trading volume has increased by just 7% in the last 24 hours, indicating a mild interest among traders.
BTC price can potentially hit $30,000 but is likely to remain under pressure due to the U.S. Fed’s hawkish stance. Moreover, support from whales and institutional investors is needed to hit the $30,000 psychological level.
Also Read: Ethereum Shanghai Upgrade May Suffer Delay As Developers Found Issues
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- HYPE Jumps 10% as Hyperliquid Treasury Firm Sonnet Secures Merger Approval
- Bitamp Wallet Review: User-friendly Web Wallet for Bitcoin Transactions
- Breaking: First U.S. Chainlink ETF Goes Live as Grayscale Launches ‘GLNK’
- Breaking: SEC Chair Reveals Innovation Exemption for Crypto Firms Could Start in January
- WhiteBIT Enters U.S. Market, Unveils High-Impact Times Square Campaign
- Ethereum Price Prediction: ETF Outflows Hit $79M as Institutional Accumulation Surges
- Pump Coin Price Jumps 10% as Whale Accumulates $23.5M; What’s Next?
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
