Mar 13, 2022 07:10
In our last Bitcoin price prediction, we discussed how Bitcoin reacted during the war between Ukraine and Russia and how the price could develop in the future. Today, Bitcoin price seems to be forming a formation that is about to go with the second case scenario we planned before, which is around $30,000. Will Bitcoin price drop? In today's article, we're going to explain what might happen if BTC prices drop to 30K.
Why a Bitcoin Price Drop might Happen?
The Bitcoin price has formed a symmetrical triangle in the past few weeks. This triangle was formed after a price crash, so there is a higher chance that the price will break down. The target of the triangle is around $30,000, so we expect prices to rise from this point. With the $30,000 level serving as psychological support as well as a target, there is a high probability that we will rise from this point.
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Fig.1 BTC/USD 1-day chart showing the potential drop of BTC -
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This formation goes perfectly as predicted in a previous article, where we spoke about Bitcoin price potentially falling towards $30,000. Of course, this is not the end of Bitcoin, as prices should rally back again after this extended consolidation in the 30K range.
Why should you Buy Bitcoin?
The Bitcoin price has been in a sideways phase between $30,000 and $65,000 for about a year. Based on this, we believe that a price of around $30,000 could be a good entry point. After the price hits $30,000, the price could rally to $40,000 and then $65,000. Thus, if the scenario occurs, prices could go up over 100%. So you could double your money in the medium term. Not only the sideways phase is an indicator that the price could rally to $65,000, but also a 6-year support trendline is clearly visible in figure 2 below. This trend line will soon cross the $30,000 support, which is why we may never see prices below $30,000 again any time soon.
Fig.2 BTC/USD 1-week chart showing important price areas of BTC -
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Bear in mind that when investing in cryptocurrencies, you are taking a risk. Like any investment, you should always set your goals and know when to enter and exit the markets. We have written a previous article before that talks about how to become a professional trader, which you can read all about it here.
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