Bitcoin price prediction highlights that BTC crypto price may slip from the neckline of this pattern over the daily time frame chart. Meanwhile, BTC is likely to remain inside the pattern and break out through the neckline. However, as soon as BTC approaches the neckline, it would lose upward momentum and consolidate. Now buyers need to come forward for the rescue of Bitcoin, the traditional cryptocurrency to register its breakout.
Bitcoin has been recovering through an ascending triangle pattern since September 11th and is trying to register its breakout. However, sellers may approach as BTC nears the upper neckline of the ascending triangle pattern. Investors in Bitcoin need to wait till it sustains at the upper threshold.
Bitcoin price was at $27,644.0 and gained slightly around 0.25% of its market capitalization intraday. Trading volume is up by 13.69%. This demonstrates that buyers are trying to accumulate in order to push BTC upwards. Volume to market cap ratio was at 1.95%.
Will Bitcoin Price Reach $30,000 Mark?
Bitcoin price prediction highlights the struggle of BTC, the cryptocurrency giant at the neckline of an ascending triangle pattern over the daily time frame chart. Now buyers need to accumulate at a higher rate in order to push BTC upwards. However, volume change can be seen below average and needs to grow during the intraday trading session. Meanwhile, BTC the traditional cryptocurrency is sideways above 20, 50, 100 and 200-days daily moving averages.
Bitcoin cryptocurrency has been increasing through an ascending triangle pattern and now struggles to break out from the neckline at $28,138. BTC crypto may break down from the ascending triangle pattern as it is at crucial make-or-break situation. However, if Bitcoin broke out from the neckline then it may march the $30100.00 mark through the $29515 resistance.
Bitcoin price gained around 0.44% in a week and 6.71% in a month. Nevertheless, BTC crypto slipped around 9.79% in the last three months and 7.46% in the last six months. Bitcoin managed to gain around 66.90% year to date. This confirms the facts regarding Bitcoin’s maximum recovery in 2023.
Technical indicators highlight the sideways momentum of Bitcoin near the neckline. Relative strength index (RSI) confirms the consolidation phase inside the ascending triangle pattern. RSI was at 56 and is flat above neutrality. Investors in Bitcoin cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
Bitcoin price prediction highlights that BTC crypto price may slip from the neckline of this pattern over the daily time frame chart. However, sellers may approach as BTC nears the upper neckline of the ascending triangle pattern. Now buyers need to accumulate at a higher rate in order to push BTC upwards. Bitcoin cryptocurrency managed to gain around 66.90% year to date. Technical indicators highlight the sideways momentum of Bitcoin near the neckline.
Technical Levels
Support Levels: $27342.00 and $27060.00
Resistance Levels: $27945.00 and $28130.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/10/bitcoin-price-prediction-will-btc-slip-from-this-neckline/