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As The Monthly Close Approaches Bitcoin May Reach 30K Dollars in as Little as 4 Weeks

2023-02-28 11:20:40

Divergent views exist on the robustness of the Bitcoin price, with Bloomberg Intelligence cautioning that 25k dollars may continue to act as a significant barrier.


Concerns of steadfast opposition increased as Bitcoin tried to conclude the week over $23,000 towards the conclusion of business on February 26.

Bitcoin Bulls Remain Optimistic About $30,000
BTC/USD increased by $600 from its weekend lows to hit $23,318 on the day, according to data from
 Cointelegraph Markets Pro and TradingView.
The most recent move was a minor recovery following a bad week for risk assets, with United States stocks suffering as a result of inflation figures that were higher than expected.

Despite this, Bitcoin continued to trade below levels that experts considered crucial to recapture before the month's conclusion.

Just a few lone voices continued to be hopeful; one of these was well-known trader Kaleo, who insisted that the price of bitcoin remained "attracted" to $30,000.

Altcoin Sherpa, a cryptocurrency trader, gave a reference time range of "4-6 weeks" for passing the $30,000 mark.

The uptrend won't begin until the neckline is breached; $BTC is still in a bear to bull transition phase. Mags, a fellow trader and analyst, continued with a partial synopsis.

Source: Mags/Twitter - Annual Bitcoin Chart

Bitcoin Expert at Bloomberg: "Downward Trend Persists."
Michael McGlone, senior macro strategist at Bloomberg Intelligence, expressed concerns about the bulls' capacity to surpass the $25,000 resistance area while looking forward.

He summarized his findings on Twitter, writing, "Headwinds Continue High; Markets Have Bounced - 'Don't fight the Fed' was the major headwind for markets in 2022, and remains so in 1Q."

‘’The $25,000 Bitcoin resistance level might be crucial for all risk assets.’’

According to the research, when it comes to BTC/USD, "the more strategically orientated are likely to focus on responsive selling," and "it may be a while before buy-and-hold types have the upper hand."

The week before, expectations were still strong that $25,000 wouldn't be a significant obstacle and that BTC/USD would be able to send it out without too much difficulty.

In the end, however, it was clear how difficult the endeavor was since, in addition to requests on exchange order books, important moving averages (MAs)—including Bitcoin's 50-week and 200-week trend lines—lay above.

McGlone came to the conclusion that "the trend stays negative" based only on the dropping 50-week MA.

(Article of Cointelegraph

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