The post Bitcoin (BTC) Price To Hit $31k Level Ver Soon, Here’s Why appeared first on Coinpedia Fintech News
The cryptocurrency market continues to slump, as evidenced by the price movements of Bitcoin on Wednesday. The latest release of the Consumer Price Index (CPI) led to a surge and subsequent drop in Bitcoin’s price, resulting in little change in the overall value of the cryptocurrency.
Bitcoin struggled to break above the $27,500 level, while Ethereum recorded a slight decline of approximately 1% but maintained its position above the $1,800 mark. However, according to Crypto Moonlight, Bitcoin may soon hit the $31,000 mark.
In a new YouTube video, he said that at the moment, the price of Bitcoin is hovering around $29,000. It has fluctuated between just below $28,000 and as high as $29,700 and it is a decrease from its previous high of $31,000. He added that if Bitcoin reaches the $31,000 price point again, there is a possibility of a breakout to the upside.
Bitcoin Bull Run
He said, “We’re currently in an uptrend, we’re currently in kind of like a bullish move. Obviously, we’re going to see some resistance, we’re going to see it go down a little bit as well. We could see back upwards of the $27,000 range also, who knows? But I think long term and in the next few months, we’re gonna see it surpass the $31,000, and I think we’re going to touch it very very soon.”
Explaining the price action of Bitcoin on the daily timeframe, he noted a recent resistance zone of around $27,000 and an all-time high peak at around $31,000. Based on past cycles, he said that Bitcoin could potentially surpass $31,000, leading to a breakout to the upside towards the $35,000 range.
Also Read: Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?
According to Moonlight, if it surpasses $31,000, it could potentially hit $32,000 to $33,000 or even $47,000 to $48,000 if it breaks past the support zone.
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