{"id":535766,"date":"2023-05-30T21:30:40","date_gmt":"2023-05-30T21:30:40","guid":{"rendered":"https:\/\/wncen.com\/?p=535766"},"modified":"2024-06-11T08:15:33","modified_gmt":"2024-06-11T08:15:33","slug":"is-bitcoin-poised-for-a-comeback-to-higher-price-levels-experts-weigh-in","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-bitcoin-poised-for-a-comeback-to-higher-price-levels-experts-weigh-in\/","title":{"rendered":"Is Bitcoin Poised For A Comeback To Higher Price Levels? Experts Weigh In"},"content":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency by market cap, is currently showing signs of a new momentum refresh and the beginning of a newly formed bull run. Market analyst Justin Bennet <\/span>accurately predicted<\/span><\/a> this move, citing recent range highs and a cluster of short liquidations in the $27,500 area.<\/span><\/p>\n

However, Bennet suggests an expected market between $27,500 and $28,250. He further claimed:\u00a0<\/span><\/p>\n

Bitcoin’s pullback today is not surprising, given the aggressiveness of the weekend rally. The pullback will remain constructive as long as Bitcoin can stay above $27,500 on a 4-hour and daily closing basis.<\/span><\/p><\/blockquote>\n

Related Reading: Can This THORChain New Feature Push Back RUNE Bears?<\/a><\/div>\n

Is Bitcoin On The Verge Of Reaching $30,000 Again?<\/span><\/h2>\n

Furthermore, Bennet suggests a sustained break below Bitcoin\u2019s current trading area would confirm a deviation and expose the Chicago Mercantile Exchange (CME) gap at $26,900.<\/span><\/p>\n

To understand what a CME gap is, it’s important to know that Bitcoin futures are traded on the Chicago Mercantile Exchange. When the CME closes for the weekend, there can be price movements in Bitcoin that are not reflected in the futures market. This can create a gap between the Friday close and Monday open on the CME chart, known as a CME gap.<\/span><\/p>\n

However, Bitcoin is trading above a key resistance level, as indicated by the 50-day Moving Average (MA), noted in the chart below by the brown line. This level could support Bitcoin in the short term and prevent further price drops in the $27,440 area.<\/span><\/p>\n

\"Bitcoin
BTC is trading above the 50-day MA on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

It remains to be seen if Bitcoin can consolidate above this key indicator and maintain its momentum. If it successfully manages to do so, the next target could be to consolidate above $28,000 and break out of the current range, as suggested by analyst Justin Bennet. This could pave the way for Bitcoin to reconquer the $30,000 level.<\/span><\/p>\n

\u00a0BTC Could Reach $300,000 Or Drop To $3,000<\/span><\/h3>\n

Moreover, Bitcoin’s volatility has been compressing over time, according to trader Jackis, who believes<\/a> this compression could lead to a significant price movement in 2024. He predicts that once Bitcoin leaves this compression phase in 2024, it could drop to $3,000 or soar to $300,000.<\/span><\/p>\n

Jackis further claimed that this potential price movement could mark the next stage of Bitcoin’s evolution, as it moves from the “Early adopters” phase to the “Vast majority” stage. As more individuals and institutions adopt Bitcoin, its price and volatility will likely be impacted.<\/span><\/p>\n

However, <\/span>according <\/span><\/a>to Glassnode co-founder James Check, the headwinds that have kept Bitcoin’s price under $30,000 include the strength of the US Dollar (DXY), a bounce in interest rates, and the risk of further Federal Reserve interest rate hikes. Nonetheless, he believes that the market may be about to turn and that Bitcoin may be poised for a rally.<\/span><\/p>\n

While the Nasdaq has been used as an indicator of Bitcoin’s potential rally, the Glassnode co-founder believes other factors are at play. He sees a potential turn in the DXY at levels of 106-107, potentially leading to a reversal in interest rates.<\/span><\/p>\n

The US Dollar Index measures the value of the US Dollar against a basket of other currencies. A stronger DXY can be seen as a headwind for Bitcoin, making the cryptocurrency relatively more expensive for holders of other currencies.<\/span><\/p>\n

Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom<\/a><\/div>\n

However, the Glassnode co-founder believes that the DXY may be nearing a potential turn, which could provide a tailwind for Bitcoin. Additionally, a reversal in interest rates could also provide a boost to Bitcoin’s price.<\/span><\/p>\n

Featured image from iStock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency by market cap, is currently showing signs of a new momentum refresh and the beginning of a newly formed bull run. Market analyst Justin Bennet accurately predicted this move, citing recent range highs and a cluster of short liquidations in the $27,500 area. However, Bennet suggests an expected market between $27,500 and $28,250. He further claimed:\u00a0 Bitcoin’s pullback today is not surprising, given the aggressiveness of the weekend rally. The pullback will remain constructive as long as Bitcoin can stay above $27,500 on a 4-hour and daily closing basis. Related Reading: Can This THORChain New Feature Push Back RUNE Bears? Is Bitcoin On The Verge Of Reaching $30,000 Again? Furthermore, Bennet suggests a sustained break below Bitcoin\u2019s current trading area would confirm a deviation and expose the Chicago Mercantile Exchange (CME) gap at $26,900. To understand what a CME gap is, it’s important to know that Bitcoin futures are traded on the Chicago Mercantile Exchange. When the CME closes for the weekend, there can be price movements in Bitcoin that are not reflected in the futures market. This can create a gap between the Friday close and Monday open on the CME chart, known as a CME gap. However, Bitcoin is trading above a key resistance level, as indicated by the 50-day Moving Average (MA), noted in the chart below by the brown line. This level could support Bitcoin in the short term and prevent further price drops in the $27,440 area. It remains to be seen if Bitcoin can consolidate above this key indicator and maintain its momentum. If it successfully manages to do so, the next target could be to consolidate above $28,000 and break out of the current range, as suggested by analyst Justin Bennet. This could pave the way for Bitcoin to reconquer the $30,000 level. \u00a0BTC Could Reach $300,000 Or Drop To $3,000 Moreover, Bitcoin’s volatility has been compressing over time, according to trader Jackis, who believes this compression could lead to a significant price movement in 2024. He predicts that once Bitcoin leaves this compression phase in 2024, it could drop to $3,000 or soar to $300,000. Jackis further claimed that this potential price movement could mark the next stage of Bitcoin’s evolution, as it moves from the “Early adopters” phase to the “Vast majority” stage. As more individuals and institutions adopt Bitcoin, its price and volatility will likely be impacted. However, according to Glassnode co-founder James Check, the headwinds that have kept Bitcoin’s price under $30,000 include the strength of the US Dollar (DXY), a bounce in interest rates, and the risk of further Federal Reserve interest rate hikes. Nonetheless, he believes that the market may be about to turn and that Bitcoin may be poised for a rally. While the Nasdaq has been used as an indicator of Bitcoin’s potential rally, the Glassnode co-founder believes other factors are at play. He sees a potential turn in the DXY at levels of 106-107, potentially leading to a reversal in interest rates. The US Dollar Index measures the value of the US Dollar against a basket of other currencies. A stronger DXY can be seen as a headwind for Bitcoin, making the cryptocurrency relatively more expensive for holders of other currencies. Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom However, the Glassnode co-founder believes that the DXY may be nearing a potential turn, which could provide a tailwind for Bitcoin. Additionally, a reversal in interest rates could also provide a boost to Bitcoin’s price. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":535769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,78790,6664,1558],"class_list":["post-535766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nIs Bitcoin Poised For A Comeback To Higher Price Levels? 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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