Bitcoin Technical Analysis and Price Prediction: How is BTC Performing After the $20,000 Drop?

0
17


A few days ago, news spread through the media that probably shocked many crypto investors: Bitcoin fell below the $20,000 mark for the first time since late 2020. The world’s first and largest cryptocurrency has been badly hit by the current crisis and rising interest rates.

Investors are now more interested in the question: What’s next for Bitcoin? Will the price continue to fall or is there a trend reversal? We would like to answer these questions today with a look at the technical chart analysis and price forecasts.

Bitcoin technical analysis: short-term and long-term outlook with technical indicators

Even though bitcoin is currently recovering from a drop below $20,000, the cryptocurrency remains in a difficult position. In our short- and long-term analysis, we use trading indicators to better assess the potential bullish or bearish BTC futures.

short-term bitcoin analysis

If we look at the 4-hour chart for the past seven days, a clear trend reversal can be seen, at least in the short term. Since June 14, BTC price has been falling, although there was brief support at $21,000. After falling below $20,000 on June 18th, the price recovered strongly from June 19th, bringing the current price to $21,250 – 16% in 48 hours.

A short-term trend reversal is also supported by the 4-hour chart’s moving averages. Here the simple moving average is currently at 20,500 which is fueling the uptrend. Also, there is the MACD which has been showing a bullish signal since June 19th.

Even if Bitcoin should initially accept a price loss again, there should be a support line at the USD 20,000 mark. It remains questionable how long the current bullish development can last and whether $20,000 is really at the bottom of the slide – but if the price breaks through the mark again, Bitcoin could initially move up.

long-term bitcoin analysis

For a long-term analysis of Bitcoin, let’s look at the one-day chart of Bitcoin since the beginning of the year. After a year of turbulence, the price has been in a significant decline since late March and broke two support levels at $40,000 and $30,000.

The downtrend initially failed to support the USD 20,000 support, but the last 30-day SMA still stands at the price of 27,100 – so the bear market is not over yet. Similarly, the MACD level (12, 26) sits at -2,800, which is a clear bearish signal.

Although some indicators like the Stochastic RSI are currently set to neutral, which could be a sign of a trend reversal, the overall long-term signal remains against an uptrend in bitcoin price. Therefore, it remains to be seen whether short-term volatility can develop into a longer-term price rally and trading indicators point to a bull market.

Bitcoin price prediction: how much bitcoin could cost from 2022, 2025 to 2030

The price predictions of various portals also offer a different perspective on the future development of BTC. So we want to see what’s in store for the major cryptocurrencies in the short, medium and long term despite the current crash.

Bitcoin Price Prediction 2022

We look at the price forecasts from the TechNewsLeader and Kursprognose.com websites to get the most comprehensive overview of Bitcoin’s forecast.

According to TechNewsLeader, the price of BTC could hit $37,000 by the end of the year, while Kursprognose.com projects a price of $14,000. So in the short term there are different views.

Bitcoin Price Prediction 2025

TechNewsLeader’s confident outlook will last until 2025: in three years, the portal predicts a bitcoin price of over USD 108,000. The experts from Kursprognose.com are not quite as convinced, but also expect an increase in the value of BTC, which is more likely to be estimated at 30,500 euros.

In the medium term, it can therefore be expected that Bitcoin will be able to recover from the current downturn.

Bitcoin Price Prediction 2030

Unfortunately Kursprognose.com does not have a ready-made long-term forecast, as such periods are more speculation than forecast. TechNewsLeader indicates a price expectation of USD 707,000 in 2030, the PricePrediction.net portal only tops this price with an average forecast of USD 800,000.

Even if a high six-digit BTC price does not seem impossible in the long term, it depends on various factors whether Bitcoin can really count on such a successful future.

source

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here