Crazy forecast for Bitcoin? – Tom Lee, the co-founder of Fundstrat has again made a prediction on Bitcoin. For him, if a spot Bitcoin ETF is approved, BTC could rise above $150,000.
We are still far from it, because the price of BTC had a complicated week by falling below $25,000. The king of cryptocurrencies closes the week above $26,000.
Bitcoin price stabilizes around $26,000
After one clearly bearish week on cryptocurrencies, the price of Bitcoin is stabilizes around $26,000. In one week, the BTC shows a down more than 11% :
In one month, the course down nearly 13%. The BTC/ETH pair stagnates in 24 hoursbut it displays a drop of nearly 3% in one week. Ethereum seems to be better digesting the violent downward movement experienced last week.
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Bitcoin price closes the week above $26,000
With this downward movement experienced last week, the BTC returned close to the bracket at $25,000. It’s about a area that has already supported in June. In fact, buyers could once again be interested:
In case of bouncethe price will have to break the resistance at $29,000 and then at $31,500. As long as the last trough at $24,820 is maintained, it is possible to mark a double hollow structure here. For this, it will be necessary to close above the last high marked at $31,750. On the other hand, if the support gives way, the price could return to the level of the next support located at $21,500.
The RSI shows descending lows and highs. You will have to find a bullish momentum for buyers to regain momentum weekly.
Bitcoin price is on the support at $26,000 in 4H
Buyers and sellers are currently neutralizing each other at the level of the support in 4H at $26,000. A bounce could intervene here, and the price could return to the level of the resistance at $26,700 :
On the other hand, if the bracket at $26,000 does not allow a rebound, the price could return to the level of the bracket at $25,000. The course must digest the violent decline, and regain momentum with troughs and ascending peaks in 4H. The RSI is in the process of bounceit still has a little margin before finding the bullish trendline. Here again, it will be necessary to find a bullish momentum so that the buyers regain momentum.
After a dark week, Bitcoin closes the week above $26,000. The price could look for the next strong weekly support around $25,000. A support that will have to be kept to try once again to break the resistance between $29,000 and $31,500. In case of falling below the support at $26,000 in 4H, the price could quickly reach the support at $25,000. Despite this drop, Bitcoin and Ethereum will be able to find support thanks to Generation Z.
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