Since June 22, BTC has been maintaining its trading within a certain range, and altcoin traders are beginning to interpret the price stabilization of BTC as a favourable indicator for the cryptocurrency market.
Despite the BTC price losing the $30,000 region, predictions from different experts have surfaced online, projecting a massive optimistic price for the coin.
READ ALSO:United States SEC May Likely Approve Ethereum ETF this Year Instead of Bitcoin
BTC Price Analysis
At 5:24 am EST, Bitcoin is showing a negative trend, with its value at $29,447 today.
Over the past 24 hours, its price has dropped by less than 1%, while its trading volume has surged by over 20% during the same period.
The $30,000 price point has been a significant challenge for Bitcoin, acting as strong resistance since July 23.
BTC Daily Chart
BTC/USD 1D Chart | Source: TradingView
According to BTC/USD daily, the coin’s current position above the lower Bollinger Band indicates potential oversold conditions.
Based on this technical signal, traders might see this setup as a potential price rebound or corrective move.
Also, the asset’s Relative Strength Index (RSI) level at 46 suggests a neutral but slightly bearish momentum.
This reading indicates a balanced state between overbought and oversold conditions.
While RSI shows a stable market, alternative indicators indicate a potential unexpected move from the bears, potentially triggering a retracement.
This is evident in the Moving Average Convergence/Divergence (MACD) descending below its signal line, signalling a bearish outlook.
Today’s mixed indications highlight traders’ uncertainty, resulting in a sideways market movement.
Bitcoin is anticipated to experience a short-term price decline unless the bulls surpass its nearest resistance level and initiate a rally.
Factors That Could Drive Bitcoin’s Price
The upcoming Bitcoin halving is anticipated to impact BTC’s price due to its deflationary nature.
Historically, halving has led to significant price increases as the issuance of new BTC reduces by half, potentially decreasing supply.
Previous instances in 2012 and 2016 witnessed substantial price surges. In 2012, BTC’s price surged from around $12 to over $1,100 within a year after the halving.
Similarly 2016, it rose from roughly $650 to nearly $20,000 within 18 months post-halving.
While history suggests a positive correlation between halvings and price upticks, various factors influence the market, making predictions uncertain.
Meanwhile, a recent document from Matrixport titled “Matrix on Track: Get Ready for the Impressive Bitcoin Target of $125,000 by the Close of 2024” outlines the potential for BTC to hit $45,000 by the conclusion of this year and reach $125,000 by the end of 2024.
The authors underscore the importance of Bitcoin achieving a one-year peak after a year. This signal has historically signalled the onset of a fresh bullish market on each occasion.
