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The leading cryptocurrency Bitcoin (BTC) has maintained its sideways movement in the past 24 hours and is trading around $29,360. While BTC has gained 1.3% in the past week, BTC forecasts indicate that a much higher level is being targeted for the coming week. Experts emphasize that it is possible for Bitcoin to rise in response to the question “Will Bitcoin increase?”
BTC Price Forecasts
CrediBULL, one of the prominent cryptocurrency analysts, finds it highly likely that the BTC price will remain above the $29,000 level next week. The analyst emphasizes that in this scenario, $30,000 will be retested, and breaking this resistance will initiate a movement towards $32,000. The analyst points out that currently, BTC is trapped in the range of $28,700 to $30,000, and if the resistance is not broken, the price could drop to $28,700. According to the analyst, the most important level in the short term is $29,600, and BTC is currently moving sideways at this level on a Sunday with reduced liquidity.
Positive Developments for BTC Price
In addition to technical analysis, fundamental analysis and other factors are also indicating a bullish trend for BTC in the coming week. The delay in Ark Invest’s spot Bitcoin ETF application did not cause a sharp drop in BTC price, despite the negative news. This indicates that the market is generally expecting an upward movement.
Many leading figures in the industry are receptive to the approval of a spot BTC ETF, and this could potentially change everything for BTC in the near future. Additionally, the upcoming halving of block rewards in 2024 continues to have a positive impact. By currently moving sideways, BTC may be ensuring a better starting position for its long-term rally. The $32,000 level has always been a critical resistance, and the leading cryptocurrency seems to be gathering strength below it. Once the rally begins, $32,000 could become a support level.
