Bitcoin Price Rise To $28,400 - Will We See $30,000 This Week?

Bitcoin Price Rise To $28,400 – Will We See $30,000 This Week?

Updated: 10 April 2023

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Bitcoin (BTC) has seen remarkable growth this year, with its value increasing by 70% and currently trading above $28,400.

Experts’ Prediction on BTC Shows Mixed Reactions

Some professionals have expressed concerns about potential price drops, with Gareth Soloway of InTheMoneyStocks.com predicting a dip to less than $13,000. Such bearish forecasts could potentially impede future price surges for Bitcoin.

Although there are skeptics regarding Bitcoin’s future, there are also optimistic predictions from experts such as Balaji Srinivasan, who is betting that its value will reach $1 million within 90 days, and Marshall Beard, who predicts that it will reach $100,000 by the end of this year.

The growing demand for Bitcoin, coupled with increasing investor interest, has fueled this speculation, with market analysts forecasting even more gains for the digital currency.

Bitcoin Market Price

Bitcoin (BTC) is priced at $28,242.76 at press time, having experienced a slight 0.36% increase in the past 24 hours and a 0.03% increase in the last 7 days. Its 24-hour trading volume is $11,751,680,161, indicating a recent uptick in market activity. With 19 million BTC in circulation, the cryptocurrency’s market cap is valued at $546,286,053,341.

Bitcoin’s all-time high of $69,044.77 was recorded over a year ago on November 10, 2021, representing a decline of 59.09% from the current price. On the other hand, the all-time low of $67.81 dates back to July 06, 2013, almost 10 years ago, and the current price reflects a staggering 41,557.65% increase.

Bitcoin Faces Roadblocks

Despite Bitcoin’s impressive 70% price increase in Q1 of 2023, some skeptics doubt its ability to maintain its current value of around $30,000, let alone continue climbing. Bitcoin’s recent all-time high coincides with the Federal Reserve’s quantitative tightening (QT) program, which began in late 2021. As banks withdraw liquidity from the economy to combat inflation, risk assets such as cryptocurrencies have declined.

Despite ranking as the best-performing asset class in Q1 2023, Bitcoin still faces obstacles to further price gains. For example, the ongoing auction of 40,000 seized Bitcoins by US prosecutors and bearish on-chain signals are significant macro factors that could hinder Bitcoin’s growth.

Bitcoin faces a significant obstacle as it encounters resistance at the $28,500 level. Recent data indicates that 1.37 million addresses have sold their holdings, resulting in profits of 821,000 coins. If this sell-off persists, BTC may retrace and search for support at around $26,800.

$BTC still just consolidating under resistance. It is eerily similar to the 2019 breakout. If we repeat it could look something like this pic.twitter.com/nd3SMXuRxX

— Crypto Jules (@CryptoJules1) April 5, 2023

On the other hand, if the price surpasses $28,700, it could instill more confidence in bulls as it would mark the maximum price at which the 1.37 million resistance army had purchased 821,000 Bitcoins. Should this occur, BTC may see a relatively smooth rise to $30,300.

Bitcoin Technical Analysis: Parabolic Curve Suggests $35000 Resistance

Bitcoin (BTC) continues to trade below a critical resistance level, indicating a period of consolidation. This price action is reminiscent of the 2019 breakout, which saw BTC experience a similar consolidation phase before breaking out to new highs.

However, the price of Bitcoin might be experiencing a decline soon. The long consolidation that has taken a whole month always indicates a reversal in the market price trend. If this should take place, traders should be placing their buy positions at $25,000. The price might also be trading below the 50-day and 200-day moving averages. At the time of writing, the 50-day moving average is a support level for BTC.

On the other hand, the parabolic trader curve suggests the price might be climbing higher to $35,000.