The leading cryptocurrency Bitcoin (BTC) has fallen below $30,000 and continues to trade at this level, despite high expectations. The BTC/USD pair has lost 1% in the last 24 hours, causing changes in expert predictions. However, a prominent crypto analyst remains optimistic about the price.
Current BTC Price
Although the recent drop in BTC price has disappointed many experts, it is important to note that this does not apply to everyone.
Well-known crypto analyst Crypto Rover has made critical statements about the BTC price. Referring to previous movements of BTC, the analyst suggests that the price could drop below $29,500, but the long-term prediction is positive.
Crypto Rover states that the market is generally stable and expects the price to remain relatively unchanged. However, the analyst points out that there are signals indicating that the price will eventually move based on the exponential moving average. The analyst predicts that BTC will rise above $30,000 and identifies $30,300 as a critical resistance level. According to the analyst, a significant surge could occur above this level, leading to a sharp increase in price due to the liquidation of many short positions.
BTC Outlook Positive
The analyst notes that the total volume and quantity of BTC positions indicate that derivative markets have also started to reflect the upward movement in price. The majority of open positions show a positive long-term trend, and the analyst expects a sustained price above $30,000 in the third quarter.
However, the analyst also emphasizes that the decrease in volume and trading activity suggests that the short-term problem is not yet resolved. Despite the poor short-term outlook, the analyst believes that $27,000 is a critical support level and there may not be a further drop below it. The analyst also points out that important decisions such as the interest rate decision in the US can have significant effects on the price. The Bitcoin block reward halving in 2024 is also a major factor and is included in the expectations of many investors.
