- Bitcoin experienced growth after US banks collapsed, breaking its overall high.
- Short-term strengths were observed, with $20k-$30k acting as resistance and support, as per crypto analyst.
- Crypto YouTuber suggests the possibility of hitting $30k, but prices may stall before experiencing a negative move.
According to crypto analysts, Bitcoin has experienced major growth in the last few days after the collapse of several US banks including the Silicon Valley Bank. BTC reversed the move from $25,000 to the $19,000s and has now broken the overall high.
Crypto expert and YouTuber AltcoinSherpa said that he expected BTC to be in the range high of $25,000 and range low of $15,000. However, deviations on both ends up to $35,000 to $13,000 were anticipated by the creator. He added:
Bitcoin looks really strong in the short term.
While Bitcoin rose above $25,000 in its recent sprint, the crypto’s 200-day EMA acted as resistance before the price broke down. However, BTC’s value is back up on the mark once again currently.
Bitcoin level analysis; reaching $25k prediction; Source: Screenshot from Altcoin Sherpa Youtube Channel
The crypto analyst also declares $20k to $30k a resistance area for the coin since it acted as support in 2021, forming “the bottom for early summer of 2021” for Bitcoin. Nevertheless, if BTC can break through the $25k area, there are chances of hitting $30k next.
AltcoinSherpa shares that there is a possibility that 2023 might be similar to 2019 where prices went from $3k to $14k before going down 50%. Similarly, prices may stall up $30k this year before BTC hits a negative 50% move, closing down at approximately $14k.
The analyst also adds that the prices will fluctuate depending on the inflation rates and Fed’s decision with interest hikes. Moreover, there is heavy volume transacted in levels between $30k to $40k which will further impact the values.
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