The cryptocurrency market recently exhibited an attempt to surge higher, only to be corrected lower. Could this have been the work of day traders capitalizing on their long positions? What’s in store for Bitcoin? Let’s delve deeper in this Bitcoin price prediction article.
How Did Bitcoin Perform in 2023?
2023 started off with a lot of promise for Bitcoin. Prices initiated at a humble $16,500, but as the year progressed, the market experienced a crash due to a series of negative fundamentals. Today, Bitcoin’s price stands at $29,480, indicating a period of consolidation and suggesting the market is waiting for a positive uptrend confirmation.
Buy Bitcoin Today – Good idea?
Consolidation phases in the market often present golden opportunities for investment. In such phases, determining the stop loss areas becomes relatively easier compared to other market dynamics. Even though Bitcoin didn’t reach the heights many expected in 2023, purchasing at the current rate of $29,480 seems a wise decision, especially with a defined stop loss at $28,800.
Bitcoin Price Prediction – How High will Bitcoin Price go soon?
Over the long haul, Bitcoin prices are anticipated to climb. A medium-term target however is set at $32,000. On the other hand, the short-term fluctuations suggest the potential for further price dips. This is because Bitcoin recently made a fakeout above 30K, then dipped back towards the current price of $29,480.