Bitcoin Price Prediction: BTC Primed to Skyrocket Past $27,000, Analysts Weigh In

Updated: 05 September 2023

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Bitcoin price is once again struggling against a bearish market. Over the last 24 hours, the coin dropped to a support at $25.7k, even though it briefly dipped below this level.

Fortunately, the price saw an immediate recovery after each drop, but the resistance at $26k is strong enough to keep the coin from progressing and even reaching anywhere near it.

BTC price has been making attempts to hit $26k for the second half of September 4, but as the day ended and September 5 started, the coin dropped to $25.7k. After that, it found a minor resistance at $25.8k, keeping it from going further.

It even rejected the price to $25.6k, as mentioned earlier, although this was only a brief drop, and the price quickly went back to $25.77k, which is where it sits at the time of writing.

The coin is now seeing another rapid surge, which will likely not last very long. In terms of volume, the currency has seen fluctuations between $10 billion and $10.75 billion over the last 24 hours.

At the time of writing, the 24-hour volume is at $10.73 billion, representing around an 11% increase from yesterday. It is also worth noting that the coin’s price has mostly been flat daily and weekly, but it is over 11% lower on a monthly chart.

Where is Bitcoin going from here?

As always, traders looking for the right time to buy are interested in what will happen next, and as always, the opinions differ from analyst to analyst. Some believe that BTC is preparing for a surge surpassing $27k, which is the most optimistic scenario.

The coin saw this kind of performance about a week ago, in late August, which took it to $28,000 during the initial surge. After that, it spent a few days above $27k before dropping again.

It is also worth noting that some analysts hope to see a massive bull run start soon, targeting the $35k price range.

However, chances of this are meager unless a powerful catalyst triggers a bull run, and it is hard to imagine anything other than an ETF approval being powerful enough to do so.

According to more realistic forecasts, BTC is forming a bearish pattern, which the bearish MACD indicator confirmed. The coin also broke its support at $26k, so the target price for the bears is the next support level at $25,000. If this level also breaks, BTC will likely reach $24k next.

BTC Holders Greater Than Population of Spain

One thing that Bitcoin has going for is adoption. According to a recent post on X, the coin now has more holders than the population of Spain, which is a new and rather impressive milestone.

Today, the number of #Bitcoin holders has exceeded the entire population of Spain 🇪🇸, boasting more than 48.5 million $BTC hodlers! pic.twitter.com/uWQVRQsLm6

— Ali (@ali_charts) September 3, 2023

The data shows that the total number of Bitcoin holders is over 48.5 million, including addresses with more than 0 BTC. The total number out there is much higher, and while some of them may have had some BTC in the past, they currently do not hold any amount of the coin.

Sonik presale in its final hours

Sonik (SONIK) is a popular meme coin that has entered the final hours of its presale. As of the time of writing, the presale will last for another two and a half hours, ending at 1 p.m. UTC. So far, the token has raised $1.63 million out of its $2.09 million goal.

The token is available for $0.000014, and anyone interested can buy it via ETH or USDT. One thing to note about the token is that it has a strong use case, unlike most other passcoins.

Sonik strongly focuses on staking, which should become available shortly after the token hits the exchanges.

This has been a short but relatively popular presale, and while it likely will not hit its goal in the remaining time, it already has a solid and dedicated community.

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