Digital currency analyst: Bitcoin is only 4 weeks away from reaching $30,000

After the price of Bitcoin fell to the $23,000 range last week, concerns about the continuation of the trend are now on the rise. While some analysts believe that the price of Bitcoin will reach $30,000 in the medium term, one Bloomberg analyst noted that the $25,000 level may remain the main resistance.

Buyers believe that the price reaches 30 thousand dollars

As the US stock market continues to slide after the release of higher-than-expected inflation data, Bitcoin’s recent rally after a tough week for the volatile asset class is more or less a sign of It shows the trend reversal.

However, Bitcoin price remains below the range identified by analysts as an important level for a recovery before the end of the month.

In this situation, Kaleo, a digital currency trader, is one of the few analysts who is optimistic about the price increase. He still believes that the price of Bitcoin is moving towards the $30,000 level.

At the same time, Altcoin Sherpa noted in its analysis that the price will reach $30,000 in the medium term (next 4-6 weeks).

However, cryptocurrency technical analyst Mags tweeted about Bitcoin’s price trend:

Bitcoin is still in the transition phase from a bear market to a bull market, the price growth will only start when the neckline (on the chart below) is broken!

Bloomberg analyst: Bitcoin price trend remains bearish

Looking ahead, Mike McGlone, chief strategist at Bloomberg Intelligence, expressed skepticism about the ability of buyers to break through the $25,000 resistance zone.

Referring to the latest Bloomberg report, he wrote in a tweet:

Despite the growth of the markets, economic restraints are still strong. The contractionary monetary policies of the Federal Reserve were the most important factor inhibiting the growth of the markets in 2022, which is still continuing in the first quarter of this year.

McGlone noted:

Bitcoin crossing the $25,000 resistance level is likely to be an important event for all risk assets.

A Bloomberg report predicts that when it comes to Bitcoin, technical traders are more likely to be focused on selling in the right conditions, while it may take some time for a dominant group in the market to strategize on buying and selling. have investment

Last week, there was hope that Bitcoin could break through the $25,000 resistance without too much effort; While now the level of difficulty of passing this level has been determined. In addition, sell orders in the order book of exchanges and the price of Bitcoin below its key moving averages, especially the 50-week and 200-week simple moving averages, are other negative factors for the price.

The bearishness of Bitcoin’s 50-week moving average alone led McGlone to conclude that the bearish trend is continuing.