Bitcoin Price Bullish to Hit $30K, Predicts on-Chain Data and Crypto Analyst
Bitcoin price reached the $25K psychological level today. However, it failed to gain momentum and fell below $23.7K. The abrupt fall was due to hawkish comments by U.S. Federal Reserve officials.
Stronger-than-expected US economic data and hawkish remarks from Federal Reserve officials including Loretta Mester and James Bullard suggesting another 50 bps rate hike caused the U.S. Dollar Index (DXY) to jump above 104.50 on Friday, hitting its highest levels in six weeks.
Bitcoin Price in 4 Hours: Source: Michael van de Poppe. However, crypto analysts remain bullish that Bitcoin will reach at least $27K. Michael van de Poppe, a popular analyst, predicted a drop to the critical support level of $22.8K before predicting a rise towards $27K.
Analyst Ali Martinez’s analysis supported the bullish continuation of Bitcoin price. He shared that IntoTheBlock’s IOMAP (In-Out Money Around The Current Price) data shows a crucial support barrier of $21,700 to $23,700. This is where 1.60million addresses purchased more than 1.32 million BTC.
He predicts that Bitcoin will reach at least $27K resistance level, if the demand wall can keep the price from falling lower.
The on-chain data Williams%R (60-day period for BTC): Estimated leverage Ratio for Bitcoin indicates that Bitcoin still has the potential to gain further bullish momentum up to $27,100. There is a gap in the on-chain trading volume prior to the resistance at this level. This means that Bitcoin is under selling pressure.
Bitcoin Estimated Leverage Ratio Source: CryptoQuantAlso read: Crypto Market Liquidation reaches $185 Million; Bitcoin falls back to $23.6K
Bitcoin (BTC), which is currently trading at $23,796, has seen a nearly 4% drop in its price over the past 24 hours. The 24 hour low and high are $23,460, and $25,134, respectively. The trading volume has increased by 7% over the last 24 hours, which indicates a moderate interest among traders.
The BTC price could reach $30,000, but it is likely to remain under pressure because of the Fed’s hawkish stance. To reach the $30,000 psychological level, it will require support from institutional investors and whales.
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