The cryptocurrency market continues to slump, as evidenced by the price movements of Bitcoin on Wednesday. The latest release of the Consumer Price Index (CPI) led to a surge and subsequent drop in Bitcoin’s price, resulting in little change in the overall value of the cryptocurrency.
Bitcoin struggled to break above the $27,500 level, while Ethereum recorded a slight decline of approximately 1% but maintained its position above the $1,800 mark. However, according to Crypto Moonlight, Bitcoin may soon hit the $31,000 mark.
In a new YouTube video, he said that at the moment, the price of Bitcoin is hovering around $29,000. It has fluctuated between just below $28,000 and as high as $29,700 and it is a decrease from its previous high of $31,000. He added that if Bitcoin reaches the $31,000 price point again, there is a possibility of a breakout to the upside.
Bitcoin Bull Run
He said, “We’re currently in an uptrend, we’re currently in kind of like a bullish move. Obviously, we’re going to see some resistance, we’re going to see it go down a little bit as well. We could see back upwards of the $27,000 range also, who knows? But I think long term and in the next few months, we’re gonna see it surpass the $31,000, and I think we’re going to touch it very very soon.”
Explaining the price action of Bitcoin on the daily timeframe, he noted a recent resistance zone of around $27,000 and an all-time high peak at around $31,000. Based on past cycles, he said that Bitcoin could potentially surpass $31,000, leading to a breakout to the upside towards the $35,000 range.
Also Read: Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?
According to Moonlight, if it surpasses $31,000, it could potentially hit $32,000 to $33,000 or even $47,000 to $48,000 if it breaks past the support zone.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-to-hit-31k-level-very-soon-heres-why/