It seems that the crypto market finally ended its consolidation phase. After the heavy crash since November 2021, cryptos are showing a sign of a comeback. The cryptocurrency market is up by more than 15% in the past 2 weeks and is looking for additional growth. Bitcoin is one of those cryptos that managed to break its resistance area. What’s next for Bitcoin? Will Bitcoin reach 30000 $ ? Let’s analyze in this Bitcoin price prediction article.
The Crypto Market is Finally UP
After the heavy crash, most cryptocurrencies started to consolidate between their respective support and resistance. This sideway trend lasted for almost 1 month. However, the crypto market is back on track. The total crypto market capitalization went back above $1.1 trillion, reaching yet again a major milestone. Since Bitcoin has a current market dominance of 41.6%, it makes Bitcoin’s current market cap around $460 billion.
Now that the entire market is moving higher, it might be a good opportunity to enter the market again. Many crypto investors were sitting on the sidelines waiting for the crash to end. Now that the consolidation broke, money is flowing back to the crypto market.
Bitcoin Broke its strong resistance!
In a previous article, we spoke about how Bitcoin was to break its resistance price of $22,500. We also warned of a potential price adjustment lower back to $21,500 which is part of that same uptrend. This is exactly what happened. Since then, prices have corrected back to that same level and continued higher to reach a current price of $23,900. Technical analysis works in a perfect way when the market is usually following a single direction. The crypto market today is simply recovering, so any price adjustment will come as part of a simple correction.
In figure 2 below, we show the exact same chart we showed previously with the actual price action of Bitcoin.
Bitcoin Price Prediction – Will Bitcoin reach 30000 $ next?
It is obvious by now that cryptos aim to mainly reach psychological price areas. Not only is it part of human psychology to work with such numbers, but the media also pushes titles that include round numbers (just like this article ????). Now that Bitcoin breached its strong resistance price of $22,500, the next target price would be the $27,500 price area. Once breached again, the 30K price would be in sight.
We estimate that this would happen sometime mid-august. However, strong price-actions did occur previously, sending prices higher faster.
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