In the past two weeks, the price of Bitcoin has increased significantly. The most popular cryptocurrency has risen sharply back beyond $21,000. The price looks to be gradually stabilizing following this increase. However, the technical price of Bitcoin is showing a potential retracement in the short term horizon. This means that buying today would result in short-term losses if you’re a crypto trader. In this Bitcoin prediction, we analyze why it’s better to WAIT before buying Bitcoin or any other altcoin.
Bitcoin Price Analysis: Is Bitcoin doing well?
The year 2023 brought strong increases in the Bitcoin price in the first 2 weeks. The course was initially able to approach $16,500 to $17,000. A few days later, the price finally broke the resistance at $17,000 and subsequently surged above $18,000.
After a slight stabilization, there was another strong increase in the last week, when the Bitcoin price was able to rise above $20,000 again. Most recently, the course was even able to break through the $21,000 mark. The Bitcoin price is back at the value it was before the FTX crash.
Will Bitcoin go up in the long term?
In the last 2 weeks, the Bitcoin price has actually gone up continuously and the increase has hardly stopped. At the moment, the cryptocurrency has strong momentum, which could take the price further up. But can this Bitcoin increase continue in the next few weeks?
Theoretically, it is possible that Bitcoin’s rise will continue to a price of $25,000 by the end of the month. The $21,000 level was a key resistance prior to the FTX crash. If this is broken, the Bitcoin surge to $25,000 could happen soon. However, in the short term, it might be a good idea not to buy Bitcoin as prices might retrace lower.
Bitcoin Prediction: Is it good to Buy Bitcoin now?
Bitcoin prices currently reached a strong resistance level. In figure 1 below, we can see how prices retraced lower everytime this price of around $21,200 was reached. Today, prices did just that and are showing signs of retracement. If this happens, we expect Bitcoin price to drop towards $19,000. This will most definitely lead to other altcoins dropping in prices as well.
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