Shark Tank’s Kevin O’Leary Expects Bitcoin to ‘Appreciate Dramatically’ in 2-3 Years

Shark Tank's Kevin O'Leary Expects Bitcoin to 'Appreciate Dramatically' in 2-3 YearsKevin O’Leary, aka Mr. Wonderful, has shared what he thinks the price of bitcoin will be in the coming years. He said when institutions get the go-ahead from their compliance departments to invest in bitcoin, the price of the cryptocurrency “is going to appreciate dramatically.” Kevin O’Leary’s Bitcoin Prediction Shark Tank star Kevin O’Leary shared […]

Correction Day! Should you Buy $BTC before Bitcoin Price reaches 50K?

The Bitcoin price has fallen back to $43,000 and was once again unable to break through the resistance at $45,000. However, if BTC manages to break this $45,000 barrier, prices should continue higher towards $50,000. Will Bitcoin correct lower or will it continue on its upward trend? Let’s analyze!

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Bitcoin Price RETRACES from the 45K Resistance

Bitcoin price suffered another slight setback after attempting to break back to the upside. In the last few days, we have seen a massive rally above $40,000 after a long battle with the resistance at $39,000. 

The Bitcoin price struck this mark several times before the breakout occurred and Bitcoin rose above the $40,000 mark. The price is now looking to repeat the same thing as it attacked $45,000 as upper resistance for the past few days. However, Bitcoin has not yet been able to break through this mark and bounced off the resistance. We can clearly see in figure 1 how Bitcoin prices retraced from the 45K resistance area.

BTC/USD 1-day chart showing the retracement of BTC
Fig.1 BTC/USD 1-day chart showing the retracement of BTC – TradingView

Bitcoin Price Trying to push back

The Bitcoin price has tried to break through the $45,000 mark several times in the past few days. However, resistance at 45,000 is proving to be stubborn. We experienced something similar with the $39,000. Again, Bitcoin had to test the mark multiple times before the big breakout to the upside came.

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A few hours ago, the Bitcoin price rose to $45,600, where it was rejected again. As a result, the price fell to a current price of $43,600, where prices stabilized currently.

Bitcoin Price Prediction – Will Bitcoin Consolidate?

There was hope that Bitcoin price could quickly break the resistance and launch an attack on $50,000 this weekend. However, resistance seems arguably similar in strength to the old resistance at $39,000.

So the price probably needs a few days until the upper resistance could fall. However, the trend is still bullish and the strong fundamental data of bitcoin seems to be slowly reflected in new bullish price targets. The big correction at the turn of the year seems to be over for good.

BTC/USD 4-hours chart showing the Fib Retracement
Fig.2 BTC/USD 4-hours chart showing the Fib Retracement – TradingView

If prices were to fall below $43,000 again, we might reach the 38.2% retracement area that is delimited by the price of USD 41,150. On the other hand, after 2 reversals, technical traders are hoping for a breakout higher, eventually to $50,000.

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$BTC Price reaches Strong Resistance – Will a Bitcoin 40K Price Happen?

The Bitcoin price has stabilized slightly in the last few days and could rise more strongly if it breaks above $38,000. But if Bitcoin cannot break through the resistance, there is a risk of another sharp drop lower. What does the near future of the Bitcoin price look like? Let’s assess Bitcoin’s newest price developments in this Bitcoin price prediction.

Bitcoin Price at Resistance just below $38,000

In the last few days, we have experienced another sharp drop in the Bitcoin price. It went from $43,000 to $35,000 in 2 days. The Bitcoin price has thus fallen below the $40,000 mark for the first time in months.

In the last 2 days, we have seen a slight stabilization of the Bitcoin price. It is now staying above $36,000 and trying to surpass $38,000 again and again. A resistance has formed here that needs to be broken.  Looking at figure 1, we can clearly see the formation of that $38,000 resistance. It first was a support level that was broken, then turned into a resistance. In fact, back in August 2021, that same area represented also an important area for traders.

BTC/USD 2-hours chart showing the 38K resistance - Bitcoin 40k
Fig.1 BTC/USD 2-hours chart showing the 38K resistance – TradingView

Can we reach a Bitcoin 40K Price soon?

If Bitcoin price breaks the resistance at $38,000, we could see a surge above $40,000, which would have seen the price recover from the last sharp drop. The $38,000 to $42,000 area has previously been cited as a key support zone from which Bitcoin could rally back towards $50,000.

Now is an ideal time to get into bitcoin cheaply. Buy bitcoin and other cryptocurrencies on crypto exchanges  Binance ,  Coinbase ,  Kraken  and  Bitfinex !

With the last Bitcoin crash, the bottom of the current price correction could have been reached. In the last 3 months, we saw several strong crashes, each of which we hoped was the bottom of the correction. Now that we reached the strong buy area of 30K, prices should be on their way to 40K thanks to the buying volume.

Bitcoin is Heavily Oversold

If we look at the analysis data on the Bitcoin price in figure 2, we can see that the so-called “Relative Strength Index” (RSI) is as low as it has been since March 2020. This value indicates that the bitcoin is heavily “oversold” at the moment.

BTC/USD 1-day chart showing the oversold status of BTC
Fig.2 BTC/USD 1-day chart showing the oversold status of BTC – TradingView

This value and the strong fundamentals in the Bitcoin network, such as the further increasing hash rate, suggest that we only saw a strong correction, but could still be bullish in the long term. On top of that, the Fibonacci retracement suggests that prices can go as high as $46,000, which happens to be another support for BTC.

BTC/USD 1-day chart showing the Fibonacci retracement of BTC
Fig.3 BTC/USD 1-day chart showing the Fibonacci retracement of BTC – TradingView

The Crypto Market at a Glance

In the past 24 hours, the cryptocurrency market rose by an average of +3.8%. The Bitcoin dominance rose to 41.7%, and Bitcoin’s price increased also by +3.2%. Despite the crypto market being green, one should always proceed with care, as we are still considered in a bear market.

1- Bitcoin (BTC) : + 3.2 %

2- Ether (ETH) : + 6.7 %

3- Tether (USDT) : 0 %

4- Binance Coin (BNB): + 1.5 %

5- USD Coin (USDC) : + 0 % 

6- Cardano (ADA) : + 4.5 %

7- Solana (SOL) : + 9.1 % 

8- Ripple (XRP) : + 3.2 %

9- Terra (LUNA) : + 1.2 %

10- Polkadot (DOT): + 5.3 %

If you feel like you need guidance when tackling the crypto market, you need to check out our premium area. You’ll always be up-to-date with everything happening in the crypto market. Additionally, you will receive trading ideas and professional trading support. You will also receive information about the latest crypto trends at an early stage! If you want to read more about our Premium Area, click here.

Don’t forget to follow us on Google News to keep yourself updated with the latest Price Predictions 😉

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Bitcoin Price $BTC above 38K! Bear Market Over? Look at US Equities!

The Bitcoin price has broken the $38,000 mark and may have entered an important support zone. This important achievement could open the way up again. Currently, the question is how quickly can Bitcoin get back into the 40,000s. Could the price turn heavily bullish again in the next few weeks? Or the Bear market did not end yet? Let’s have a quick look at Bitcoin price and the equity markets.

Bitcoin Price breaks Resistance above $38,000

The Bitcoin price shattered from a high of 60K all the way to 33K in the past month. A week ago it fell from $43,000 in 2 days to around the bottom $33,000 at times. Stabilization progressed very slowly. The price then leveled off between $35,000 and $36,000.

In the last few days, the Bitcoin price tried to break the $38,000 mark. Bitcoin had to move down again and again. Today it is finally climbing above $38,000 and it may have entered a key support zone.

Bitcoin price - BTC/USD 1-day chart showing the break of the resistance
Fig.1 BTC/USD 1-day chart showing the break of the resistance – TradingView

Bitcoin Price at important Resistance Level

It is true that Bitcoin prices managed to break the resistance level of $38,000. However, it is crucial to keep in mind that this break might be a mere fakeout. Prices can still fall lower and reach $33,000 again. Technical traders often await prices to reach such areas to short-sell the asset with a 50% target of the low price. In order to confirm the break in the downtrend, we need prices to remain higher than $38,000 for a couple of days, or see a major green candle breaking higher.

Another important element that needs to happen is a consolidation in prices. This price breather is vital to regain the purchasing power. The Fibonacci retracement of the current crash shows that prices need to even breach a price of $47,000 to announce the end of the bear market.

BTC/USD 1-day chart showing the needed trajectory of BTC to reverse
Fig.2 BTC/USD 1-day chart showing the needed trajectory of BTC to reverse – TradingView

The US Equity Market is UP as well

Looking at the Dow Jones Industrial Average and the S&P index chart, we can see a strong green candle that occurred this past Friday before the market closes. In turn, the crypto market recovered as well. Since both indexes might recover from their strong support areas, the crypto market might as well go up accordingly.

SPX500 1-day chart
Fig.3 SPX500 1-day chart – TradingView

DJI 1-day chart
Fig.4 DJI 1-day chart – TradingView

If you feel like you need guidance when tackling the crypto market, you need to check out our premium area. You’ll always be up-to-date with everything happening in the crypto market. Additionally, you will receive trading ideas and professional trading support. You will also receive information about the latest crypto trends at an early stage! If you want to read more about our Premium Area, click here.

Don’t forget to follow us on Google News to keep yourself updated with the latest Price Predictions 😉

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