Bitcoin Price Prediction

Bitcoin Price Prediction – Why BTC Could Still Reach $30k by Year End After $21k Resistance Breaks

Updated: 31 October 2022

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Bitcoin is up by around 5% over the past week. However, Bitcoin’s bullish rally seems to have paused, as the coin has dropped by around 0.1% in the past 24 hours. At the time of writing, Bitcoin was trading at $20,701, according to CoinGecko.

Last week, Bitcoin broke out of a weeks-long trading period within the $19K range, and it managed to break past $20K. Bitcoin’s uptrend saw altcoins rise, with most creating new monthly highs.

However, Bitcoin’s rally was rejected at $20,800, and the coin is now having a hard time pushing higher and possibly breaking past the major resistance at $21K. During the past 24 hours, Bitcoin has traded between $20,436 and $20,799, indicating low volatility. The lack of major price swings could likely be because of uncertainty over this week’s Federal Reserve decision on interest rates.

The interest rates are expected to increase by 75 basis points this week, which could see the prices nosedive and possibly go back to the $19K range.

Bitcoin’s price chart shows a lack of enthusiasm from sellers and buyers. The Relative Strength Index (RIS) at 49 is neutral, indicating that neither buyers nor sellers have control.

On the other hand, the Moving Average Convergence Divergence (MACD) line is trending at the same level as the signal line, indicating that the trend is neither bullish nor bearish. Therefore, an uptrend or a downtrend will be driven mainly by macro factors.

Factors that could ignite BTC rally to $30K

Despite the short-term trend looking bearish, there is still the possibility that Bitcoin will rally higher and possibly hit $30K before the year ends. Market observers expect the Fed will ease its monetary tightening policies in the coming months. If the rates are eased during the December meeting, demand for risk assets such as Bitcoin could increase, resulting in a notable price gain.

It seems like the hands currently holding Bitcoin are strong. According to Morgan Stanley, one of the largest financial institutions, 78% of the total Bitcoin supply has not moved in more than six months, which could explain the low volatility that the coin has seen. This is good news as it could show that the price has already bottomed, and new money could ignite the next bull run.

Altcoins to consider buying today

If you are considering buying Bitcoin, you should also consider diversifying your portfolio with these new cryptocurrencies.

Dash 2 Trade is one of the hottest presales happening today. The presale launched a little over a week ago and has already raised more than $3.5 million. Dash 2 Trade is a platform providing crypto trading signals that allow investors to make informed decisions.

The other presale you should consider participating in is IMPT. IMPT.io is a platform that promotes a green future by transforming the carbon credits market through blockchain. The IMPT presale has raised more than $11.5 million, and according to the analyst, it is the best crypto to buy today.

The Calvaria (RIA) token could be the next token to explode, given the success of its presale. Calvaria is a blockchain gaming project that could become the bridge between traditional gaming and play-to-earn. The RIA presale has entered stage three and raised over 929,000 USDT.

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