Bitcoin’s course had to accept a setback in recent days.
The Bitcoin price has fallen slightly in recent days. The cryptocurrency crash triggered by the SEC lawsuit against Binance also affected Bitcoin, which fell below the $26,000 mark. Compared to Altcoins, though, Bitcoin’s price has lost significantly less.
Above the $27,000 mark, the BTC price fell as low as $25,500. After a slight recovery in the price of Bitcoin for a short time, the cryptocurrency was able to climb back above $27,000.
After the rally, the decline hit the course of Bitcoin the hardest. The price dipped back below the $26,000 mark. The Bitcoin price has now stabilized between 25,500 and 26,000. Overall, Bitcoin has lost just over 5% in value. The Bitcoin forecast for the next few weeks should not be easy due to the current crisis and volatility.
Will the Bitcoin Forecast for the Next Weeks Be Positive or Negative?
The Bitcoin forecast is not easy to make in such difficult times in the crypto market because it could go in different directions right now. At the moment, there is much to suggest that Bitcoin’s course was able to withstand the fall. Therefore, the forecast for Bitcoin for the next few weeks could be very positive.
However, it is uncertain whether or not there will be a stronger drop in the course of Bitcoin. A negative Bitcoin forecast with heavy losses in the coming weeks also seems possible. Therefore, two different scenarios are foreseen.
Bullish Scenario
In the bullish scenario, the Bitcoin price could come out of the crisis with force in the coming weeks. Due to the confidence gained in Bitcoin, a lot of capital is flowing from Altcoins to Bitcoin, and the price could go back up to $30,000.
Getting past the $27,000 mark will be important. If Bitcoin price could quickly build support there, it could move back to $30,000 quickly. For this scenario, the Bitcoin forecast for the next 4 weeks is $28,000 to $31,000.
Bearish Scenario
In this scenario, if the crash impacts the Bitcoin course, there is even a risk that it will fall back to $20,000. By doing so, the $25,500 support would be broken, and Bitcoin would drop to $20,000. However, a drop below this mark seems rather unlikely.
At the moment, this scenario seems quite unlikely. Nevertheless, there is no way of knowing if more bad news will affect the market and push the price of Bitcoin toward $20,000. For this scenario, the Bitcoin forecast is $20,500 to $22,500.
Other Aspects to Consider
Despite a sell-off in the altcoin sector, the Bitcoin (BTC) price was able to hold for the moment, and once again defended the important support area around US$25,300.
A few hours before the end of the week on Sunday night, the cryptocurrency was trading around US$26,000, about two percent above its weekly low. Despite this relative strength, Bitcoin’s technical situation is more precarious than it has been for a long time.
An increasing number of altcoin projects have been classified as unsecured securities by the Securities and Exchange Commission (SEC) in recent days. In view of the negative news, the crypto space was unable to benefit recently from the positive price development in the US stock market. Only Bitcoin, number two Ethereum (ETH) and, surprisingly, Ripple (XRP) were able to get out of it with single-digit price declines in a weekly comparison.
By Audy Castaneda
