bitcoin price analysys and prediction

Bitcoin Price Prediction and Analysis: One of the main reasons why the Bitcoin market is rebounding from the $30,000 level

Bitcoin (BTC) price has dropped below $30,000 amid the current crypto market crash. As of today, BTC price has moved above the $30,000 level, at $30,117 at the time of writing.

The bitcoin price drop is part of the overall cryptocurrency bear market story in the past few days, especially due to the Terra debacle (UST and LUNA).

However, experts have pointed to one indicator on the grounds that the price of BTC may bounce back from the current level. They say the number of people owning at least one bitcoin has reached an all-time high, suggesting that bitcoin may bounce off the current level even as the general sense of “extreme fear” continues in the crypto markets.

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Bitcoin continued to consolidate around the $30K level. With that said, market sentiment dropped to 8 on the Fear & Greed Index, dropping to one of its lowest points. Meanwhile, addresses holding 1 or more bitcoins have reached an all-time high, which is an indication that markets may bounce back from that level…,” WazirX Trade Desk said in a note today.

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“BTC weekly chart has broken below the long-term ascending channel pattern. The next resistance for BTC is expected at $40K, and the immediate support is expected at $24K.”

“There have been some signs of optimism in the BTC markets,” said Darshan Bateja, Co-Founder and CEO of Fold. “According to data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, levels at $29,500 were near a strong support range.” As around 366.430 BTC were held at around 481,910 addresses. Attempts to push the price below these levels could be countered by buying from those investors who may want to increase their profits.”

“In addition, on-chain data shows that the number of addresses holding between 1 and 10 BTC has increased from 689,000 to 694,000 since May 9, indicating confidence in the crypto’s recovery,” he added.

Investors may take some time to come back after the crash

Edul Patel, CEO and co-founder, Mudrex feels that it may take some time for investors to return to the market after experiencing a massive crash last week.

Although Bitcoin stabilized a bit over the weekend, it fell back to $29,000 on Monday. Patel said that a reversal of the downtrend is only possible if BTC continues to trade above its support level between $27,000 and $30,000.

He also said that since bitcoin does not appear to be in oversold territory, this could keep short-term buyers active in the market.

Read also | Impact of Crypto Crash: ‘Frightening’ Market Downturn forces Coinbase to slow hiring and reassess headcount

“Given high levels of inflation and supply chain issues, other cryptocurrency and stock markets were also down on Monday. It looks like it may take some time for investors to get back into the market after witnessing a massive crash last week. The next two weeks will be crucial for the entire crypto spectrum,” Patel said.

((Bitcoin and other virtual digital assets are not regulated in India. It is a very risky investment. Please consult your financial advisor before making any investment decision)

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