Bitcoin’s recent fluctuations in the market have been marked by uncertainty, with its exchange hovering between $29,000 and $31,350. This instability has crypto enthusiasts and investors raising an eyebrow as they contemplate: Will Bitcoin achieve $100,000 valuation this year? According to an investment research analyst at K33, there’s a plethora of encouraging indications to nurture hope for Bitcoin’s extraordinary surge.
The heart of this possible increase lies in the upcoming summer months, identified by K33’s Vetle Lunde as an optimal accumulation countdown. With Bitcoin currently priced over $30,000, the optimism is growing, kindled by numerous positive factors on the horizon. Specifically, Lunde points to the return of institutional interest in spot Bitcoin ETFs as a green flag for Bitcoin’s endorsement as a feasible and sturdy investment option. This institutional backing, paired with other elements, lays robust groundwork for a dynamic market in the next nine months, which could precipitously impact Bitcoin’s value.
Yet, the roller-coaster of Bitcoin’s worth isn’t all sunshine and roses. Unsuccessful blotches to surpass the $31,000 resistance level resulted in a downswing below $30,850. The break of a bullish trend line around $30,750 led to a dip below $30,250, with the lowest point near $30,160. Presently, Bitcoin is balancing out these losses, trading near 23.6% of the Fibonacci retracement level, but still under both $30,800 and the 50-days Simple Moving Average.
For Bitcoin to retest the $31,000 mark, it would need to exceed the 50% Fibonacci retracement level. However, if the $31,750 resistance level stays intact, Bitcoin might continue its declivity. The immediate support exists around $30,150 and the recent low, while the critical support level is in the vicinity of $30,000. Any further losses may plunge the price towards $29,550 or even the $29,200 region in the following sessions.
On the crypto horizon, there’s the ‘Top 15 Cryptocurrencies to Watch in 2023,’ a list meticulously assembled by experts from Industry Talk and Cryptonews. Expect to discover intriguing potential from promising cryptos as part of your journey in the constantly evolving digital assets’ universe.
As a word of caution, all investments come with risks and cryptocurrencies, due to their high volatility, are inherently risky. Therefore, please do your due diligence before investing or exploring these trends highlighted.
Source: Cryptonews
