Bitcoin prices crashed hard alongside the entire crypto market. Prices fell from a high of around $69,700 and reached a low of $17,300. Many analysts expected prices to sink lower and reach the price of $10,000. However, Bitcoin jumped back up towards the $20,000 price area. What’s next from here? Will Bitcoin go up or will Bitcoin price crash to 0? Let’s analyze and assess what’s needed for another price rally, as this will definitely drive the entire crypto market along.
This Week is VERY important for Cryptos – Why?
As Bitcoin price closed above the $20,000 support in the previous weekly candle (week 24), this level has not been broken and will likely continue to serve as support going forward. Now it is particularly important that the Bitcoin price closes above $20,000 again. If the current weekly candle (week 25) closes above the $20,000 support, we expect higher prices going forward. In the best case, the weekly candle closes as a green doji. This would be confirmed by a future increase.
Will Bitcoin go up? If yes, where to?
With no major resistance between $20,000 and $28,500, we anticipate the rate to rally to $28,500. There is the next major resistance in the weekly chart. After the price confirmed the former $28,500 support as resistance by testing the level, we expect the price to return lower. This could see the price fall to around $13,000 by the end of the year. There we see the end of the current bear market. After testing the support zone between $10,000 and $13,800, we anticipate that the next cycle will begin. This means that the Bitcoin price could increase extremely again. A new all-time high (price above $69,000) is not unlikely in this case!