Venturefounder considers Bitcoin might not withstand the rally to USD 24,000 and would lose its USD 23,000 price level. However, analyst TechDev believes that BTC will rise to a new all-time high before the halving in 2024.
The pioneering cryptocurrency recently reached the USD 24,000 price zone before dropping from its USD 23,000 range. Meanwhile, the price of Ether (ETH) fell back from the USD 1,500 level.
Bitcoin (BTC) accumulated the recent gains following a brief consolidation after a drop of the US dollar fell as stocks peaked.
Crypto analyst Venturefounder said the cryptocurrency might not withstand the rally to USD 24,000, although it was good. He considers that Bitcoin might not sustain that gain for long and would lose its USD 23,000 price level.
Josh Rager, a strategist, and trader, expects the price of Bitcoin to rise by over 20% to start its gain recovery.
An Analyst Predicts the Bitcoin Price Might Reach USD 120,000
In contrast, the True Strength Index (TSI is giving positive signs about the price of Bitcoin. Analyst TechDev considers that the BTC/USD pair will rise to a new all-time high before the halving in 2024.
That indicator provides data on assets either overbought or oversold at a given price. Several basic calculations allow the index to provide that data.
TechDev said that the drop in Bitcoin prices from November 2021 had caused considerable concern. Therefore, he foresees that historical price formations could repeat themselves.
According to the analyst, the pioneering cryptocurrency might reach between USD 80,000 and USD 120,000 in 2023. In addition, he predicts a price between USD 30,000 and USD 50,000 in 2024 and USD 200,000 in 2025.
Michael van de Poppe Thinks Traders Will Hold BTC in the Long Term
Although global market capitalization has plummeted by 1.73% over the last 24 hours, the overall crypto market has entered a recovery phase.
Bitcoin seeks to return to around USD 23,000, but this bearish move has made traders and investors anxious about future price action.
Michael van de Poppe, a renowned cryptocurrency analyst, and trader, recently discussed an imminent Bitcoin area for longs. According to the analyst, traders should watch the price level around USD 22,164 to go long.
The European Central Bank (ECB) raising interest rates by 0.5% and rising inflation have caused the current drop in Bitcoin price movement. For the first time in eleven years, citizens are witnessing that decision by that independent financial institution.
Meanwhile, some experts consider that the value of Bitcoin should see an upside at the 200 moving average. Otherwise, the cryptocurrency would drop below the USD 22,000 range, thus reducing its price.
Besides the 200 moving average, market sentiment after Tesla sold its 75% stake in BTC will affect the price.
An Inflow of USD 70 Billion into the Market Capitalization of Bitcoin
The bullish trend around Bitcoin is a USD 70 billion inflow into its market capitalization over the last week. This increase drove the market capitalization by 19.63% to USD 451 billion. However, the market has crashed, leading it to USD 438 billion.
Bitcoin is trading at around USD 23,527 and has accumulated a 4.2% gain over the last 24 hours. Its daily trading volume is above USD 56.12 billion, while its market capitalization is about USD 449.37 billion, according to CoinGecko.
By Alexander Salazar
