Bitcoin Price Drops To $26,800 – Calm Before The Storm?

Bitcoin is seeing a slight decline in its price over the last 24 hours, dropping by 2.07% at the time of writing.

Also, the token has been trading red over the past seven days, displaying a price decline of around 4.73%.

Notably, Bitcoin was trading around the $29,200 price mark at the beginning of May 2023. Comparing this figure with its current price of less than $26,800 shows a significant dip of over $2,000.

Could this be its calm before the storm? Bitcoin’s past price action and some common technical indicators can provide details on the possible move of the token shortly.

Bitcoin’s Past Price Action

On March 14, Bitcoin experienced a surge in demand, leading to a breakthrough above the $16,000 threshold. 

This bullish move sparked renewed optimism among investors, signaling a potential continuation of the cryptocurrency’s remarkable growth.

This could result from a combination of factors, including increased institutional interest, growing acceptance of cryptocurrencies, and positive market sentiment.

Bitcoin exhibited remarkable resilience following the breakthrough, trading above the $25,000 level throughout the subsequent weeks.

The sustained bullish momentum showcased the cryptocurrency’s ability to maintain its value and underlined the growing confidence among investors and market participants.

On April 14, Bitcoin reached its highest price of the year, hitting an impressive $31,005. This new peak represented a substantial gain for investors at the time and demonstrated the token’s immense potential. 

The milestone fueled speculation and discussions around the future trajectory of the cryptocurrency market.

However, the token failed to hold on to that price level. Closing the day at $30,485, Bitcoin’s price declined gradually in the following days of the month.

Since the start of May, Bitcoin has maintained a range between the $26,000 and $29,000 price levels. 

It, however, visited the $25,000 mark on May 12 and bounced to its current price of just below $26,800.

Bitcoin’s Price, According to Common Indicators

According to the chart above, Bitcoin has maintained a few red bars, indicating more sell pressure over the past three days.

The token trades above the 200-day Exponential Moving Average (EMA), signaling a long-term bullish trend.

On the other hand, crypto investors and traders can expect a short-term bearish move as the token trades below the 50-day EMA.

Meanwhile, the Relative Strength Index (RSI) is currently around the oversold zone at 37.38, indicating more bearish sentiments in the market.

Notably, the token hit a major support level at $27,132 three days back and has remained around this position since then.

Bitcoin could initiate a bullish move from its present point in response to that support level and possibly see its price appreciate to the first resistance level at $31,187 in the long run.

Long And Short-Term BTC Price Prediction By Experts

Crypto experts have predicted the possible outcome of Bitcoin’s price in the common months and years using technical and fundamental analyses. Here are their predictions for the token.

DigitalCoinPrice BTC Price Prediction

DigitalCoinPrice believes that the price of BTC will maintain continuous growth in the remaining months of 2023.

According to the expert, Bitcoin’s maximum and minimum price for the year is $24,431 and $60,065, respectively, with an average price of $54470.

In 2024, DigitalCoinPrice expects Bitcoin to hold a maximum price of $70,444. The anticipated average and minimum prices will be $66,338 and $58,639, respectively.

Bitcoin Price Prediction By Changelly

According to the price prediction provided by a prominent cryptocurrency expert, Changelly, Bitcoin is expected to exhibit substantial growth and reach significant price levels by 2025.

The forecast indicates that the minimum, average, and maximum prices for Bitcoin in 2025 are projected to be $74,746.76, $76,841.98, and $87,172.27, respectively.

Bitcoin Price Forecast By CryptoNewsZ

CryptoNewsZ, another popular digital asset expert, also provided a price prediction for Bitcoin in 2026.

According to their analysis, Bitcoin’s projected minimum price for 2026 is $66,328.08, while the maximum price is $101,314.32.

Factors That Affect The Price Of Bitcoin

Like many other digital currencies, Bitcoin is influenced by several factors, such as market sentiments, institutional adoption, etc.

Positive Factors

Institutional adoption

Increased participation and investment from institutional players such as banks, hedge funds, and corporations can significantly boost Bitcoin’s price.

Institutional adoption brings legitimacy and confidence to the cryptocurrency market, attracting more capital and generating upward pressure on prices.

Market Sentiment and Investor Confidence

Positive market sentiment, from news of regulatory clarity, technological advancements, or widespread acceptance of cryptocurrencies, can lead to increased investor confidence and higher demand for Bitcoin.

Positive developments that foster trust and stability within the crypto ecosystem will likely contribute to price appreciation.

Regulatory Changes

Adverse regulatory decisions or increased scrutiny of digital currencies can also create uncertainty and negatively impact Bitcoin’s price.

Intensified regulations, bans, or restrictions from governments can lead to decreased investor sentiment and hinder the growth of the cryptocurrency market.

Market volatility and Sentiment Shifts

Bitcoin’s price is vulnerable to market volatility, and sudden shifts in sentiment can lead to price declines.

Factors such as large-scale sell-offs, negative media coverage, or global economic instability can trigger panic selling, resulting in downward pressure on Bitcoin’s price.