Bitcoin Price Could Hit The $32k Price Zone Soon If it breakouts Out From The Current Trading Range

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Since touching the $31k level in early June, bitcoin has struggled to trade past this price range for a couple of weeks. There has been a frequent attempt to breakout from this zone which has been unsuccessful.

However, if the price flips this zone, we could see a minor price surge to the $32k level.

Notable Bitcoin price action

Following the massive bearish momentum that pushed bitcoin to the $15k zone in November 2022, Bitcoin showed a strong recovery reaching $31,000 in June. But a higher price could be plunged in the coming weeks if it breaks out of the current consolidation zone.

According to CoinMarket Data, today’s live Bitcoin price is $29,810.95, with a 24-hour trading volume of over $13.5b. Bitcoins dropped by 0.61% in the last 24 hours.

Notably, the coin reacted to the EFT filings by top investment firms, including BlackRock. It also added some gains after Ripple’s partial win against the United States SEC on July 13.

But today, the market is bearish, and many assets, including BTC, trade in the red, losing some of the past gains.

Key levels on the Bitcoin chart

As illustrated in the chart above, bitcoin’s price action has been relatively bullish in the past couple of days, following positive market sentiment from Ripple’s partial victory over the SEC.

However, the price of the largest crypto asset is still lurking around the $31k-$29k zone as it faces great resistance, trying to breakout from this level.

The “flip zone” point is the previous price support zone. The “Demand zone,” as shown on the chart, is a crucial point from which the market could rebound if it fails to trade past the current consolidation level of $31k.

The path tool shows that a pullback into the demand zone should catalyze a price to gain momentum and soar past the $32k level in the coming weeks.

Technical indicators on bitcoin price action

As illustrated on the chart, the price is currently trading above both the 50-day and 200-day Simple Moving Averages (SMA), which indicates a bullish momentum in the medium- and long-term value of Bitcoin.

This suggests positive market sentiment and potential bullish momentum, which may attract more buyers and lead to further price increases in the long term.

As shown in the chart above, the Moving Average Convergence Divergence (MACD) indicator is below the signal line; this denotes a potential bearish trend in the asset’s price action.

This may also suggest a weakening momentum, leading to possible price declines, and prompt investors to consider selling their positions or exercising caution in implementing their trading strategies.

However, the RSI (Relative Strength Index) 54.95 indicates Bitcoin’s moderate bullish momentum. It also suggests buying pressure is slightly higher than selling pressure but not yet at an overbought level.

Traders may interpret this as a potential continuation of the current uptrend or a sideways price movement.

Factors that could influence the long- or short-term price action of Bitcoin

Apart from general market sentiment, whale activities that could trigger large volume inflow into the market, and regulation, other notable factors could influence the price of Bitcoin.

This includes;

The Bitcoin halving: The upcoming Bitcoin halving is an event that occurs approximately every four years, reducing the block reward for miners by half.

This mechanism aims to control the cryptocurrency’s inflation and manage its scarcity. Historically, halving has led to significant price rallies in Bitcoin due to decreased supply and increased demand.

With fewer new coins entering circulation, a supply shock is created, potentially leading to higher prices as demand outpaces the reduced supply.

However, market dynamics and external factors also influence price, making it challenging to predict the exact impact, but halving’s scarcity-driven nature generally generates positive market sentiment.

Bitcoin coin ETFs: The integration of Bitcoin into ETFs (Exchange-Traded Funds) could significantly impact the price of Bitcoin.

ETFs make it easier for institutional and retail investors to gain exposure to Bitcoin without directly owning it, increasing its accessibility and liquidity.

The increased demand from ETF investors could drive up the price of Bitcoin, reflecting its perceived value and potential for long-term growth.

Additionally, the mainstream acceptance and regulatory approval associated with ETFs may improve Bitcoin’s reputation, attracting more investors. However, negative sentiments or market fluctuations can also affect ETF prices, making the relationship complex and subject to factors beyond Bitcoin’s inherent value.

Expert price prediction on Bitcoin

According to Changelly, in 2023, the minimum cost of Bitcoin will be $$27,228.56. The maximum level that the BTC price can reach is $$31,733.76. The average trading price is expected to be around $$36,238.95

Based on the price fluctuations of Bitcoin at the beginning of 2023, crypto experts at Changelly expect the average BTC rate of $$32,166.50 in July 2023. Its minimum and maximum prices can be expected at $$30,106 and $$34,227, respectively.

Thug Life (THUG)

Thug Life is community-focused meme crypto that aims to create an income stream for all kinds of individuals, especially the streets.

As such, the project intends to revolutionize the crypto market with its utility token, $THUG, to build a community that drives steady growth for the coin’s value.

Featuring various popular hip-hop figures like Tupac, Ice Cube, etc., Thug Life has gained attention of rugged individuals to “get in the market and pimp out” huge profits quickly.

Thug Life completed its token presale quickly, raising over $2 million, with 70% of the total 4.2 billion $THUG tokens sold out.

$THUG is now available on exchanges, making tremendous price movements in the short term. The asset’s market value is down by 32.7% during the past 24 hours as of 7:13 pm EST. Also, THUG’s trading volume in the last 24 hours has plunged by 62.48% to $261K.

Nevertheless, considering the asset’s popularity and surging community growth, $THUG is likely to be 100x in the long run.

Thug Life Features

Thug Life meme coin has gathered significant attention after raising $750,000 with considerable buzz. Below are some standout features of thug life.

Limited Supply

Thug Life’s limited supply of 4.2 billion tokens makes it stand out. Although the meme coin has no actual usage, the initiative that no new token will be minted attracts numerous investors and traders.

Thug Burns

Through periodic Thug burns, the projects aim to create scarcity and drive up the value of every $THUG token.

Reward System

Thug Life investors can benefit from its reward system, enabling them to make passive revenue from transaction fees.

Many investors who observe its potential for long-term gains have been drawn to this feature.

Affiliation with well-known characters

The Thug Life project’s affiliations with well-known figures are one of its key features. One of its main characters is Snoop Dog. On the Thug Life token’s official website, Snoop Dog is portrayed as a player and thug.

The team shared a video tweet with the lyrics “Thug Life” and a Snoop Dogg song. The message also included a tag for Snoop Dogg, highlighting their close friendship.

Can $THUG 100x?

The team behind Thug Life Token has an explicitly stated goal to reach a $100 million market cap, which would give presale investors 34x gains.

The meme coin project’s roadmap states that the team will achieve this milestone with a combination of airdrop campaigns, giveaways, CEX listings, partnerships, and a $THUG token burn.

But some analysts think $THUG could go beyond $100 million. Popular crypto YouTuber Michael Wrubel has tipped $THUG for potential 100x gains, which would see the token’s market cap close to $300 million.

That may sound like an outlandish price prediction, but readers should remember that Pepe coin, based on the also timeless Pepe the frog meme, reached a market cap of nearly $2 billion earlier in the year.

How to Purchase Thug Life

Go to Thug Life’s website and connect your crypto wallet (Trust Wallet or MetaMask)
Ensure to fund your wallet with USDT and ETH before you proceed.
Select “Buy on Uniswap” or “View on DexTools”
Navigate to “DEXTSWAP” and enter the amount of USDT you want to swap for $THUG.
The ETH balance will go for gas fees. The transaction should be successful.
Confirm the $THUG tokens you purchased in your crypto wallet.