The price of bitcoin (BTC) fell from its lofty $31,000 perch Saturday, making investors anxious when the alpha coin will reclaim the spot.
The price fallback has led analysts to share their projections for the leading cryptocurrency. According to market analyst Michaël van de Poppe, while Bitcoin appears strong, it may experience minor corrections during its uptrend. He identifies the $31,700-32,000 range as a significant resistance level, where he expects to see price highs in the near future.
What The Experts Say
Regarding the cryptocurrency market, he mentioned that $25,000 used to be the preferred buying level for many. However, with the recent surge, he anticipates shifting to $28,500, where buying interest may wane. As a result, he now identifies $29,700 as a potential new support or price floor to keep an eye on.
Conversely, according to the social media personality CryptoTony, the trajectory of Bitcoin remains uncertain. Despite breaching $30,000, he advises traders not currently invested to exercise patience and observe how the market responds to potential support levels.
In contrast, CryptoTommey, a popular crypto analyst, believes that the price trajectory of Bitcoin remains uncertain. He noted that although BTC may briefly touch $32,000, the leading currency will most likely retest the support levels of $25,000 or $28,000 to sustain the ongoing bullish momentum. This analysis shows the differing point of view on the current market run, which has puzzled many stakeholders.
Bitcoin Has Once Again Sparked Investor Greed At $30,000
Bitcoin has surpassed expectations in 2023 with its bullish run. New trends have characterized this particular run; however, one metric that stands out consistently is the fear and greed metrics. The latest data from Coinstats indicates that the latest price spike to $30,000 has resulted in greed returning to the market after nearly three weeks. As per previous trends, it could signal a potential price downturn when greed becomes dominant, so it identifies this moment as a “selling opportunity.”
Conversely, it suggests that when fear prevails, it may be a favorable time to buy and await future appreciation. However, it’s important to note that this indicator does not disclose the source of its data for these results. On the other hand, the fear and greed indicator compiled by Alternative Explorer indicates that the Bitcoin market has been driven by greed for most of 2023. It reveals that with the cryptocurrency surpassing $30,000, greed has reached its highest point in 2023.
Nevertheless, the crypto market has continued to prove its dynamism with new trends. For example, the trading volume of the BTC/USD pair has been falling since mid-March, suggesting that there’s little market force to push the price higher. However, Bitcoin’s price is yet to falter, with the leading coin shooting to its highest price 10 months earlier in the week.
Featured Image from iStock.com, charts from Alternative Explorer, Tradingview.com, and Twitter.