Time to look at a Bitcoin news prediction. Bitcoin’s (BTC) price action hasn’t been favourable for investors lately as the king coin tumbled below $40k for the first time since January. Although BTC has since recovered to just above $46k, some analysts still believe that the crypto-asset is unlikely to fall further.
Bitcoin hit a high of $42,000 on January 8, but has since struggled to sustain momentum. It has dropped by more than 40% from its all-time high of $58,300.
According to Bitcoin news prediction data from CoinMarketCap, BTC currently trades around $46,200, up by 1.51% in the past 24 hours. BTC is up by 2.8% in the last seven days and down by 11.9% in the past month.
After surging early in the day, bitcoin was largely steady on Sunday evening, while the crypto share price increased 0.9% to $2.2 trillion.
Bitcoin trading volume in the last 24-hour is $27,374,680,521. The market is still trending down with good volume as investors sell off their cryptos in anticipation of further losses.
The Google search trend for the keyword “bitcoin” is lower than yesterday. Perhaps this indicates that fewer people are searching Google for information about bitcoin than they were 24 hours ago.
The social media buzz on forums such as Reddit and Twitter has increased since yesterday. Still, the sentiment remains steady, with some positive and negative posts by different users.
Overall, I think that today’s outlook for bitcoin is neutral to slightly bullish. I believe there will be more upside potential as we approach August 1 when the BIP148 user-activated soft fork happens on the Bitcoin network.
Bitcoin News Prediction and Forecast
Predicting Bitcoin price has always been a hot topic in the cryptocurrency industry. Many people are interested in predicting future bitcoin prices, especially if they consider investing in bitcoin.
Cryptocurrencies will grow and become more valuable, that is not in doubt. However, no one can be sure where Bitcoin will be in the next few years.
Generally, if an asset increases significantly (e.g., by more than $10k), there will be a correction period where it will fall back to its original level. This is not always the case with Bitcoin, as we have seen. Some analysts believe that this correction period may never come for Bitcoin, or at least not for some time.
Bitcoin on a Roll. What’s Next?
In terms of technicals, BTC is currently trading at a critical support level of $46,000. A sell trend confirmation below this level will take the price to even lower levels.
The next 72 hours will be very telling for bitcoin bulls. If there is no reversal from current levels, we may see a retest of the $40,000 level.
However, while the overall outlook for Bitcoin remains bearish, technical indicators show that BTC/USD is unlikely to fall further in the short term. The RSI has been trending above 30 since March 20, which indicates that sellers are no longer in control. This suggests that Bitcoin will most likely consolidate around current levels over the next few days before making another attempt to break resistance at $50k or even $55k.
Bitcoin has been swinging in a wide range since January this year. The BTC/USD pair was seen falling from the highs of $64,000 and then $52,000 to the lows of $43,000 and $46,000. It seems that the coin is finding support at the current price level and is unlikely to fall further. The next leg of the journey will be decided by how Bitcoin manages to stay above the current price level.
As per our Bitcoin news prediction, we believe that there is a significant amount of support for BTC at its current levels. Investors are likely to buy Bitcoin during this period because they see it as an excellent buying opportunity.
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