Categories: News

Bitcoin (BTC) Fails to Hold the Line Above $20,000 But a Bullish BTC Price Prediction Looms

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.

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.

Share
Published by
Ronald Henderson

Recent Posts

Bitcoin Corrects Higher After Recent $18k Deep But Major Resistance Remains

Bitcoin's fall below the $19,000 level yesterday sent a shock wave across the cryptocurrency industry.…

2 years ago

Bitcoin’s Price Dives Below $19,000 Dragging Altcoins Along in Bloody Bear Run

The Bitcoin price has taken a deep dive below the $19,000 level after weeks of…

2 years ago

United State Regulator Talks About Bitcoin’s Future as a Replacement for Fiat

When Bitcoin was launched, it was seen as a decentralized currency that would replace traditional…

2 years ago

Ripple SEC Saga Continues as XRP Takes a Dive Against the USD

The ongoing Ripple lawsuit against the United States Security Exchange Commission has reached a pivotal…

2 years ago

Technical Charts Shows Major Breakout for the Bitcoin Price Short-term

The Bitcoin price may be lacking volatility now but technical data suggests that the cryptocurrency…

2 years ago

Ethereum’s Active Supply Reaches Six-month High But the Ethereum Price Continues to Struggle

The Ethereum price has been struggling against the USD over the last few weeks since…

2 years ago