As the end of February approaches, bitcoin may only need a month to hit $30k
Press Release

As the end of February approaches, bitcoin may only need a month to hit $30k

written by John Murphy | February 28, 2023

Bloomberg Intelligence indicated that Bitcoin has reached its major resistance point of $25k but some people are still optimistic that as the end of February approaches, bitcoin may only need a month to hit $30K.

The concern heightened among people, as bitcoin ended the recent week above $23,000. However, there still might be a difference of opinion on that notion because are expecting bitcoin to surpass the resistance.

Optimistic about Bitcoin reaching $30K

The latest increment seen in the Bitcoin price has been rather surprising for most as it took quite some time for Bitcoin to come back. Bitcoin raised $600 in price in comparison to its previous price.

After a challenging week for risky investments that witnessed US equities struggle due to higher-than-anticipated inflation figures, this recent raise displayed a modest rally in bitcoin prices.

However, Bitcoin continued to stay below the levels per the analysts to regain before the month’s end. Despite that, there are people who are still optimistic the $30,000 is still a Bitcoin price magnet.

A crypto trader Altcoin Sherpa put forth the estimated time of 4-6 weeks for Bitcoin to hit $30K. Another trader and an analyst Mags stepped in and said, “$BTC is still in a transition phase from bear -> bull , up only begins once the neckline is broke!”

“Trend remains downward”: Mike Mcglone

The Bloomberg intelligent senior macro strategist, Mike Mcglone, expressed doubt on the bull’s ability to overpower the Stubborn resistance zome of $25,000.

Globe wrote in a Twitter summary of new research, “Headwinds Remain Strong; Markets Have Bounced – ‘Don’t fight the Fed’ was the dominant headwind for markets in 2022, and remains so in 1Q,”

“Bitcoin $25,000 resistance may prove significant for all risk assets.”

Moreover as per the research, while it may take some time before the buy-and-hold investors gain profit however more tactically oriented people are likely to focus on responsive selling of Bitcoin BTC.

During the previous week, investors were optimistic that Bitcoin will be able to surpass the $25,000 resistance, nevertheless, this situation is way more challenging and complicated than anticipated. There were significant inquiries on exchange order books and key moving averages, including Bitcoin’s 50-week and 200-week trend lines.

The 50-week MA decline led to the conclusion that the trend remains downward.