Bitcoin Price Stabilized at 29K: Bitcoin can STILL Go UP?

By CryptoTicker July 26, 2023 In Bitcoin

The Bitcoin price has fallen back towards the $29,000 mark in the last few days. Nevertheless, there is hardly any bearish mood on the market. Most observers are waiting for the big bang and the explosion of the Bitcoin course. Why could now be the last chance to buy Bitcoin cheaply? Is Bitcoin price today good to buy?

Is Bitcoin Performance Good?

The Bitcoin price has been moving between the $30,000 and $31,000 marks for weeks. The swings up or down were small. But in the last few days we have seen somewhat larger swings from the sideways movement.

After Ripple’s victory against the SEC, the Bitcoin price briefly rose above the $31,500 mark, but was unable to break out to the upside. In the last 2 days, Bitcoin then fell well below $30,000 and reached the $29,000 mark again.

Bitcoin can STILL Go UP?

The Bitcoin price could break out of the sideways movement very soon. While we have been predicting this for some time, a breakout is becoming increasingly likely the longer Bitcoin trades sideways in a narrow range.

Most analysts are eagerly awaiting a breakout to the upside. The Bitcoin price is currently comparatively low given the external circumstances. This is due to various reasons :

  • Blackrock’s Bitcoin ETF application is under review. The probability of approval seems extremely high. 99% of Blackrock’s filings with the US Securities and Exchange Commission have gone through in the past.
  • Politicians like Robert F Kennedy jr or Ron DeSantis, both of whom are running for the US presidency, have said good things about Bitcoin. Kennedy even wants the US dollar partially backed by Bitcoin. Such dimensions at state level have never existed before.
  • The halving is steadily approaching and the Bitcoin price is still well below the typical share of the previous all-time high of the Bitcoin price.

Is Bitcoin Price Today Good to Buy?

Bitcoin price may last below $30,000 level. If the price explosion comes, then Bitcoin should rise massively and could never come close to this mark again.

If the Bitcoin ETF is approved, big money will hit the market. Furthermore, in a few months, after the Bitcoin Halving, the bull market will begin, in which the price should rise sharply in the long term. Even in the next bear market, the course will probably never fall back into the current spheres.

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