Will Bitcoin Price Retest Sub $30k Levels Again?
Russia-Ukraine conflict has brought crypto at the center stage with each update from war front impacting Bitcoin and other crypto prices. Crypto analysts at this stage seems to be divided in opinion and its is really hard to predict next BTC price levels for Bitcoin. Let’s look at most popular predictions in the market right now.
Is $30k on charts for Bitcoin price?
Bitcoin price and crypto market suffered huge losses on breakout of Russia-Ukraine war news. Bitcoin price retested local lows at $33k price range and many popular altcoins were down by more than 50% of their all time highs. Many crypto analysts believe that Bitcoin will retest last lows at $29k to bottom.
But, the news of US and allies coming together with sanctions against Russia and crypto getting center stage as a key financial facilitator for Ukrainians have changed the market sentiment. Bitcoin is up by more than 10% in last 2 days and right now, only questions remains is this a breakout or fakeout?
A very strong close here on $BTC, this indicates chances we see 29-32k are a lot less likely. Now we just need to seal the deal with a monthly close above 46.8k to put the nail in the coffin for beras. https://t.co/lpxVtsINNQ pic.twitter.com/G52Jx6t20Y
— Credible Crypto (@CredibleCrypto) March 2, 2022
Popular crypto analyst credible crypto shared the scenario for retesting sub $30k levels. Bitcoin price has huge supply zone in the price range $45k-$48k and most probably the strongest resistance. As per his analysis this scenario is highly unlikely as Bitcoin has already flipped $42-$43k resistance with ease.
If BTC has to retest $30k range again it will be rejected in the range $45k-$48k and a successful reclaim of this resistance as support indicates we are off to all time high again.
Most Likely Scenario: BTC Tests $38k or Moves Straight to All Time High
So, what’s next for crypto prices? Many crypto analysts are on same page that either of the two scenarios will play out likely. First scenarios is Bitcoin faces shallow pullbacks and retests $38k-$40k price ranges and second scenario is price actually breakout of local resistance at $45k and moves to form all time highs.
In short, any move below $38k will open doors to deeper fall in prices and chances are we will retest $30k levels again. Meanwhile, if $38k holds and this is quick we can go back to higher price ranges soon.