Bitcoin Price Has Strong Potential To Hit $25,000, Weekly Analysis Suggests

Christian Encila

1 year ago

2 mins read

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Recently, the market has seen a strong correction due to the Bitcoin price bull run of the past several days. On December 7, 2020, the price hit a low of $19,030.09, which is considered to be a new all-time low.

However, the appearance of a double bottom pattern has led to an optimistic outlook on this correction.

Bitcoin can rebound, as is now more evident. Obviously, there will be some challenges along the way. The Bitcoin price present momentum is one of the cryptocurrency’s major challenges.

The current momentum is merely reversing the past downward trends, thus it may not be enough to break through the $25,000 price level, according to latest analyses.

Bitcoin Price: The Familiar Resistance Level

Bitcoin’s price actually did reach $25,000 in late August, which is a significant milestone. Such a pattern indicates that the current market has the potential to and likely will attempt to break through resistance.

Chart: TradingView.com

Looking at the range during the past four hours, it appears that BTC will be trading between $19,226 and $24,286 for the time being.

This challenge is attributable to the traders’ pessimism in response to the most recent CPI report. The survey revealed an annual inflation rate of more than 8 percent.

This bleak assessment could be followed by a 1% increase in interest rates. Therefore, the bulls must maintain their position inside the range of $19,226 to create momentum.

The prominent oscillator indicator has shown a bullish advance. In contrast, the moving averages exhibited bearish indicators.

Sustainable Momentum A Must For Bitcoin

To continue driving the price higher, the bulls must generate persistent momentum. Once more, sustainability will reduce the probability of a dramatic correction.

The price of Bitcoin should not drop below the 71.60 Fibonacci level. If bears break through to the downside, Bitcoin’s price might fall to $18,000.

This occurrence will further bring the price down. A sustainable momentum for a rally should be one of the bulls’ top aims in order to surpass the $25,000 threshold.

However, given the present pessimism and panic on the market, it may be some time before BTC reaches the $25,000 barrier.

BTC total market cap at $384 billion on the 4-hour daily chart | Source: TradingView.com

Featured image from Business World IT, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.