Bitcoin to hit $30,000 in August? Yes, but $18,000 first!
Will we see a solid bounce from Bitcoin? When will the price reach $30,000 or will it fall lower and lower? Check out the thoughts of BTCNEXT analysts to give you some valuable insights.
14–26 July main events
- Tesla sells 75% of its Bitcoin. By the end of Q2 2022, electric car maker Tesla had converted roughly 75% of its BTC into cash, worth $936 million, according to the report.
- The Three Arrows Capital saga continues. Bankrupt hedge fund 3AC owes $3.5 billion to dozens of investors, according to a published court document.
- Celsius submits a reorganization plan. According to the plan, creditors will be paid from the profits of the mining subsidiary Celsius Mining.
- Crypto lending platform Vauld owes $402 million. Lending platform Vauld, whose operations have stopped, disclosed the amount of outstanding debt in court documents. Of the total $402 million, retail investors accounted for $363 million.
The week closed at $22,579. The Bitcoin price broke the upper border of the flat and is now testing it from above. The weekly delta is positive (+$165M), which indicates the prevailing purchases. BTC is trying to gain a foothold above the RSI trend. On the daily timeframe, this indicator is in the bullish zone.
But the global trend is still bearish and on the higher timeframe, the RSI is bearish. The moving average MA200 acts as a resistance, the attempt to consolidate above it was not successful. The Fear and Greed Index has left the extreme zone and is now at 30 points, not far from the neutral zone.
The breakout of the flat’s upper border was impulsive, now a correction is being formed. If Bitcoin holds at the upper border, we can expect a continuation of the upward movement towards $26,000. However, in case of a return to the flat, we can expect a fall to the lower border at $20,000. The global situation hasn’t changed as we’re still in the bear market.
That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!
To learn more about BTCNEXT, visit our official website.