Bitcoin Consolidates at $30k, Analysts Predict Bullish and Bearish Scenarios For BTC Price

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Bitcoin’s recent rally to a new high of approximately $31.8k last week has been followed by a retracement to the previous consolidation level of around $30k. However, it appears that Bitcoin is making an effort to break free from the support/resistance level at $31k, which could result in a significant movement in either direction. While there are bullish indicators pointing to a potential rally towards $40k in the coming months, a weekly death cross between the 50 and 200 Moving Average suggests a possible correction below $25k.

Renowned crypto market analyst AlanSantana, who boasts nearly 120k followers on TradingView, believes that Bitcoin’s market is teasing a reach towards $35k in the coming months. With $31k proving to be a strong resistance level, Analyst anticipates Bitcoin price to consolidate in the coming weeks, allowing altcoins to take center stage.

Last month, the analyst had previously predicted an impressive rally towards $35-38k, but recent changes in market fundamentals have altered this outlook. The ongoing SEC vs. Ripple summary judgment has triggered a bullish sentiment for altcoins, as evidenced by a decline in Bitcoin dominance, which stood at around 50 percent on Monday.

In contrast, the TOTAL2 index has been consolidating around the same level over the past year, indicating a potential reversal in the market. This reversal follows reduced returns and increased mainstream adoption, driven by improved regulatory clarity.

As Bitcoin battles resistance at $31k, altcoins are gaining momentum, driven by shifting market dynamics and regulatory developments. Bitcoin’s future trajectory remains uncertain, with analysts presenting both bullish and bearish scenarios. Traders and investors will be closely watching for any significant developments that may shape the cryptocurrency market in the months ahead.