Bitcoin prediction in cryptocurrency has never been easy through Technical Analysis alone and in these uncertain times of Bearish weeks has made it a more difficult shot. If the price rises above the $42000 mark, the market will stabilize a bit a Alts will recover too and above $47000 we should expect BTC to gain the same pace it had last month.
The green highlighted area is Buying Demand zone for many whales and sharks, beautifying the concept of resistance and support. Following levels to keep in mind:
Bitcoin Price Breakdown:
- There are upside resistance levels at 36100, 36900, 38352, and 40212.
- Downside support levels are at 43656, 33836, 32000 and 30000
- RSI is slightly strong at 62.12
If we compare the upside resistance at 42000 with the downside support of 30000, the support is pretty dominant and once it is broken, Bitcoin can go as down as 25000 or maybe lower. If the resistance broke, which is very likely to break, then June will a month of consolidation for BTC. Until BTC decides its final course of movement, I think, the big investors will hold their investments in stable coins.
Besides this Technical Analysis, Fundamental analysis is also necessary and price can move in any direction if there is news about Bitcoin. Do you think Bitcoin can achieve the $100,000 mark by December this year? Share your thoughts and ideas in the comment section below.