Bitcoin Faces Uncertainty as Market Battles Continue
Date: 2023-10-04 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
Bitcoin, like many other cryptocurrencies, began the current week on a positive note. However, its steady growth is slowing down, and the struggle between buyers and sellers is only getting stronger. According to cryptocurrency analyst CoinsKid, the flagship of the cryptocurrency market needs to consistently stay above the significant level of $24,900. If prices happen to drop below this area, a significant decline is inevitable, emphasized the expert.
But if Bitcoin continues to trade above this zone, there is potential for growth to the global peak near the resistance of $30,000 in the near future. Meanwhile, Bitcoin is trading near the $27,500 mark, losing about 2.7% in value over the past 24 hours. However, over the last 7 days, the asset has gained slightly more than 5% in value.
Another crypto analyst, known as Cryptoinsightuk, pointed out that the weekly Relative Strength Index (RSI) chart suggests potential growth for Bitcoin. However, the expert noted that there are currently no suitable catalysts for forming a stable bull run.
In turn, popular social media expert Michaël van de Poppe remains optimistic about the medium-term prospects of the flagship cryptocurrency. The analyst believes that by the end of this year, Bitcoin could significantly strengthen its position.
It is essential to note that the approval of spot Bitcoin funds in the United States could be a crucial trigger for potential growth. Overall, Michaël van de Poppe speculates that if favorable conditions develop, Bitcoin could reach the $40,000 mark by the end of 2023.
Interestingly, over the past day, BTC and ETH have entered the list of the most unprofitable cryptocurrencies among the top 20 by market capitalization. Only Bitcoin Cash managed to outperform them, dropping nearly 8% in the last 24 hours.
