Bitcoin may only need four weeks to hit $30K

Bitcoin may only need four weeks to hit $30K

written by John Murphy | February 28, 2023

The price of Bitcoin is the subject of varying opinions in the market. The intelligence alarming to Bloomberg is that $25000 may go on a substantial resistance level. Bitcoin may only need four weeks to hit $30K as key monthly close looms. However, BBTC price bulls remain optimistic that the cryptocurrency will reach $30000.

Market pro and trading view show that BTC/USD reached $23318, up $600 from its weekend lows. It marks a modest comeback after a difficult week for risk assets. It shows that US equalities suffer due to higher-than-expected inflation data.

Despite the recent increase, Bitcoin is still trading below levels that analysts consider vital to reclaim before the end of the month. Bloomberg analyst. Mike McGlone has declared his thinking bulls’ ability to overcome the $25000 resistance zone. According to him, Headwinds Remain Strong; Markets Have Bounced’’ and Bitcoin’s$25000 resistance level may prove significant for all risk assets.

Moreover, Bloomberg Intelligence expects the more tactical leaning will likely focus on approachable selling. Some traders remain optimistic about BTC’s future price movements. The most popular trader Kaleo believes that $30000 remains a magnet for Bitcoin’s price. Bitcoin may only need four weeks to hit $30K as key monthly close looms.

Even crypto trader Altcoin Sherpa has offered a reference period of 4-6 weeks to hit the $30000 mark. Not only this, a fellow trader and analyst, Mags, also note that BTC is still in a transaction phase from bear to bull. Its upswing only begins once when the neckline break.

The week prior, many hoped that BTC/USD would be able to surpass $25000 without too much effort. Still, the magnitude of the task is. Though the extent of the task became outward, observing exchange order books, key moving averages (MAS) and Bitcoin’s 50-week and 200-week trend lines posed important obstacles.

McGlone notes that the declining 50-week MA led him to accomplish that the trend remains downward. So, it’s true that Bitcoin may only need four weeks to hit $30K as the key monthly close looms.

It is still unclear whether BTC/USD will overcome the $25000 resistance level and reach the$30000 price point. However, traders remain hopeful that Bitcoin’s price will continue to rise.