Bitcoin (BTC) Price Prediction - Will BTC Surge to Break $30k?

Bitcoin (BTC) Price Prediction – Will BTC Surge to Break $30k?

Updated: 08 September 2023

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Bitcoin appears bullish today, with a 2% gain in the last 24 hours. The uptrend has seen the price rise to $26,190 at the time of writing. The recent increase saw Bitcoin test the $26,400 resistance level before being rejected. The coin has found support at $26,170, but the low volatility indicates indecisiveness between buyers and sellers.

Bitcoin has rallied from the 24-hour lows of around $25,600 to a weekly high past the $26K levels. Buyers are not rushing to buy the uptrend. Since the start of September, Bitcoin’s volatility has remained relatively low. On September 1, Bitcoin dropped to $25,400 as news of the US securities regulator delaying the decision on spot Bitcoin ETFs hit the market.

Bitcoin attempted a rebound past a crucial $26K level on September 4, but uncertainty failed to sustain these levels. By September 6, Bitcoin had dropped again to the $25,500 level. For the uptrend to hold, Bitcoin must maintain levels past $26K. Failure to continue trading above this price will again see bearish sentiment.

Bitcoin’s Low Volatility Could Precede Rally

Some analysts predict that the recent plunge in volatility might precede a bullish momentum for Bitcoin. The bottom indicator shows significantly low fluctuations in Bitcoin’s current volatility patterns. Historical data suggests that weeks of intense volatility invariably culminate in a volatility shift.

In most cases, September presents a challenging period for the crypto market. Pre-halving years also witness slight volatility and a bullish trend, which could be replicated in the coming months.

The Bitcoin Fear and Greed Index is currently at 46, which is a neutral level. However, the indicator inclines more towards fear, pointing towards buyers being hesitant to buy despite the price breaking past $26K.

Bitcoin’s price is seeing increased volumes that have jumped by 5% in the last 24 hours to more than $12 billion. The rally past $26,400 appears to be a false breakout. If BTC breaks above the upper limit of this candle again, a short-term uptrend could be on the way.

The buying levels are between $26,000 and $26,255. If long traders are buying now, BTC might hold above $26K in the short term. However, falling below $26,000 will test a lower level of $25,600.

Looking at Bitcoin’s candle patterns since the start of the month shows that the current gains are a trend reversal, and a bullish momentum might soon come into play. If the bulls take control, the price target of $28,200 might be attained, opening up the possibility of more gains towards $30K.

$24M In Bitcoin Shorts Liquidated In 24 Hours

The recent uptrend has seen $25 million worth of Bitcoin shorts being liquidated, according to data from CoinGlass. OKX had the highest liquidations, with $5.32 million wiped out of the derivatives market.

During the same period, $10 million in Bitcoin longs were liquidated, bringing the total amount of liquidations in the last 24 hours to $35 million.

Mexican Billionaire Holds Bitcoin, JP Morgan Wants To Launch Digital Token

There are some bullish developments around Bitcoin. Mexican billionaire Ricardo Salinas Pliego has revealed the details of his investment portfolio, sharing his exciting journey with Bitcoin.

Pliego said that his liquid portfolio includes assets such as Bitcoin, MicroStrategy, mining companies, oil firms, and investments in gold mining. He said that he invested in BTC while it was still nascent when the price was around $200.

JPMorgan Chase, the largest bank in the US, is also exploring creating a blockchain-based digital deposit token that will boost cross-border payments and settlement, per a Bloomberg report. The bank has made the needed infrastructure, but it will only release the token after approval by US regulators.

Bitcoin BSC Presale hits $219K

A new cryptocurrency project, Bitcoin BSC, is making waves across the crypto industry. Its presale has raised more than $219K days after launch.

BTCBSC is selling at only $0.99, which is Bitcoin’s price in its nascent stages. The total supply of BTCBSC is 21 million tokens, with 6,125,000 of these being made available during the presale.

While Bitcoin BSC is similar to Bitcoin, there are some distinct differences. The first is that the project runs on a BNB Chain that supports proof-of-stake mining. The second difference is that it provides staking rewards released every 10 minutes under the same schedule as Bitcoin block rewards.

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