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Bitcoin Stuck at $30k: What is the Summer Prediction

Bitcoin Stuck at $30k
Bitcoin Stuck at $30k

Why is Bitcoin stuck at $30k for the last 24 hours? The world’s leading cryptocurrency has been accumulating from $31k to $34k in the last month. At one point, it also slipped below $30k. However, the rallying efforts of those who wanted to push for a bottom have made the token price stuck at $30k.

Investors are wondering where the token will go from here. 

The Bottom isn’t here yet

Bitcoin has been at the receiving end of a collective bearish sentiment ever since entering the year 2022. Fraud concerns and other capital considerations have led authorities to take measures to scale down Bitcoin’s balance sheet.

While seemingly a judiciously move to assert control, it doesn’t bode well for the liquidity of the financial market, which is already looking pessimistic with each passing day. 

So how is the summer looking for this token? 

A Look at the Bitcoin Price Prediction

The chart above clearly shows us the efforts bulls are making to ensure that the $30k is the bottom for bitcoin. Since last week, the world’s leading cryptocurrency has dipped below $30k as well, manifesting fear in those who have always seen bitcoin as a hedge against traditional investment.

Currently, the coin is staying at $30.609k. While it is marginally far from its $30.02k level that it hit around 11:30 pm yesterday, we can surely say that the coin is struggling. Here is the one-day chart as per the coinmarketcap.

Bitcoin Stuck at $30k

A new rally has hit the charts this morning – resulting in bitcoin that, for now, is climbing steadily. However, it remains a question as to if the token will cross the $31k barrier. 

Is it the result of the prophesized decoupling? Many experts say that Bitcoin hitting a steady trend these past few months is a sign of maturity. As financial institutes have put a take on this cryptocurrency, its price has been trending accordingly. 

For the longest time, the token was stalled between the $31k to $34k range, leading many to question if Bitcoin is on the verge of bottoming out. Now that the token has seemingly found a bottom, investors are worried about its growth. 

If we go by market indicators, the price has a chance to reach a higher high if it crosses the $32k range. 

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Biggest Bitcoin Price Drivers of 2022

Countries embracing crypto, Central Banks and the Russia-Ukraine conflict are acting as the drivers leading the Bitcoin price.

The Federal Reserve is formulating policies that would tighten the noose on bitcoin and other crypto-assets to put a leash on their volatility. However, considering that it is volatility that gives crypto assets their appeal, such measures can have a negative impact on the cryptocurrency. 

Recently, we covered that Kazakh is about to come up with new regulatory measures for Bitcoin miners. It would put an additional “energy tax” burden on the mining enthusiasts who once felt welcomed in the country due to its crypto-friendly ways. Kazakhstan has also introduced “Miner registration”, – making it mandatory for the miners to register their identities and their hardware with the government. 

And finally, there is the conflict brewing between Russia and Ukraine. Many cryptocurrency holders belong to countries nearby these conflicting nations. The seemingly neverending conflict could compel these holders to attempt a risk sell-off which will further push the Bitcoin price down. 

Bitcoin Price Predictions: Different Sides and Different Predictions

Those predicting Bitcoin prices are now divided into two camps. One on hand, we have those who are pessimistic about it – saying that Bitcoin will go as low as $10,000 by the end of 2022.

And on the other hand, we have bullish hardliners who are optimistic that the token will reach near $100,000 soon. 

However, those optimistic about the token made these predictions last year. It was before the Russia-Ukraine conflict and before the increasing calls to regulate the crypto market. Tones have changed in 2022, but some optimism persists. 

Experts are hesitant to predict a number and a date but are optimistic about the trends of the token. They are saying that the token is “pretty sustainable” and will continue to be so. For them, the $100,000 threshold is just around the corner. 

“What I expect from Bitcoin is volatility (in the) short-term and growth (in the) long-term,” says Kiana Danial, founder of Invest Diva and author of “Cryptocurrency Investing for Dummies.”

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