Bitcoin (BTC) has had an eventful few weeks since the price took a deep dive below $20,000 last week before rising well above the $22,000 level. Today, however, Bitcoin has lost most of its upward momentum and has fallen below the support at $20,000. The good news is that there is a bullish indicator that may send the price of Bitcoin to the $25,000 level in the next few weeks.
Bitcoin (BTC) Price Prediction Today
According to the Bitcoin price analysis on TradingView, the world’s foremost cryptocurrency may have what it takes to retake the resistance at $25,000 for the first time since August 2022. However, the cryptocurrency must hold the line at $19,226 if it is to gather the momentum required to surge significantly against the USD.
While investors are hoping that the BTC price will reach $25,000 soon, there is also a chance that the cryptocurrency will fall below the $18,000 level if the downtrend takes it below the key support at $19,226.
At the time of writing, the price of Bitcoin was $19,719.01, down by 2.83% against the USD. In the last 24 hours, it has remained in the $19,657.80 and $20,354.81 range. It is not clear why Bitcoin is falling, but analysts speculate that it may be due to panic selling from grassroots investors. This bear run may last for the rest of the week and spill into next week if Bitcoin doesn’t regain momentum soon.
The current dip is also affecting altcoins with almost every single altcoin trading in the red. Ethereum (ETH) is surprisingly bearish today despite the migration to proof-of-stake that was predicted to take the price of ETH to bullish levels against the USD. Out of the top 10 cryptocurrencies, only stable coins are green on Coinmarketcapital. Investors are worried that the price of Bitcoin will hit the $12,000 or even $10,000 level if the bleeding doesn’t stop any time soon.