Bitcoin has held up well this year, with traders predicting that the digital currency should test its next all-important $30,000 threshold.
Heisenberg, a popular cryptocurrency trader, tweeted his prediction that “the bulls will soon push the price above $25k-$26k” and that “the next big test will cost $30k.”
The tweet was followed by another message from trader Jake Wujastick, who warned that “The Bulls were at the same job this weekend. Failed to close the top of the horizontal resistance zone for a bullish trigger,” indicating Bitcoin’s ongoing struggle to break above this key level.
Meanwhile, Inmortal tweeted that longs are having a hard time, hinting at the hardships Bitcoin investors are currently facing. According to Wujastik, the cryptocurrency is currently trading along a rising wedge resistance zone.
In addition, Barchart noted that Bitcoin began to sell off after Coinbase’s earnings report. According to Cryptooshala, the crypto giant suffered huge losses, but slightly fell short of analysts’ forecasts.
The biggest lag may be due to the recent fall in the US stock market, which was caused by a disappointing forecast from Home Depot and fears that the Federal Reserve will keep interest rates at a higher level for longer.
Heisenberg’s prediction that $30,000 will be the next big test for Bitcoin follows the digital currency’s massive drop in 2022. The flagship coin is currently hovering around the critical $24,000 mark. Many traders are watching to see if it can consolidate above its current resistance level and reach $30,000.
While Bitcoin has struggled to overcome its current resistance level, many analysts remain optimistic about the long-term prospects for the digital currency. They cite factors such as Bitcoin’s growing acceptance by institutional investors and its limited supply as reasons for its potential future success.
Credit : u.today
