The Bitcoin price forecast is now stabilizing and appears to be ready for a push above the $39,000 resistance mark.
With the present consolidation pattern, BTC/USD has been unable to break through the resistance level of $39,500, as it has failed to cross above the 9-day moving average. Bitcoin (BTC) starts the day rising upward to the north before rolling over and falling down to trade back inside the channel.
In the meanwhile, the first level of assistance might be roughly $37,000. Supports are $35,000, $33,000, and $31,000 beneath this.
On the 4-hour chart, BTC/USD may need to stay above $39,000 and move towards the channel’s upper boundary to offset short-term bearish pressure and reach the nearest resistance level of $40,000. This psychological barrier, however, may be closely followed by resistance levels of $41,000 and $42,000.
The nearest support, on the other hand, maybe found at $38,000, and a sustained move lower will boost negative pressure and send the price towards support levels of $37,000 and $36,000. Given the fact that the technical indicator Relative Strength Index (14) on a 4-hour chart is beginning to revert the upward, traders may expect the bull’s case scenario to play out.
BTC Price to Hit $1 million in 8 years
In a recent Medium blog post, former BitMEX CEO Arthur Hayes predicted that the price of Bitcoin may reach $1 million by 2030. His prediction is similar to that of Ark Invest’s Cathie Wood, a cryptocurrency bull.
Meanwhile, according to Hayes, the price of gold might rise to $20,000 in the near future.
According to Hayes, the establishment of the so-called “HODL culture” has resulted from Bitcoin’s spectacular climb from nothing to a trillion-dollar asset class. The cryptocurrency has a cult-like following that refuses to sell its coins at any price.
However, Bitcoin must discover use cases because after all coins have been mined, miners will no longer be able to create incentives. They will have to rely on transaction fees as a result. The network’s hash rate will drop to zero if no transactions are made, rendering Bitcoin useless.
Hayes, who is facing five years in prison for violating the Bank Secrecy Act, believes Bitcoin will “infect” sovereign country portfolios. He believes the virus will spread “exponentially,” with El Salvador serving as the first serious test.
In the long run, Hayes is bullish, but in the short run, he is bearish. Previously Hayes forecasted that due to the US Federal Reserve’s aggressive tightening strategy, Bitcoin’s price could fall below $30,000 by the end of the second quarter. He also expects that cryptocurrency prices might plummet by more than 90%.
This year, Bitcoin’s performance has been very underwhelming. Its price fell to a multi-week low of $37,885 on Wednesday. According to several observers, the flagship cryptocurrency is on the verge of entering another bear market.