Lower bitcoin prices could be seen coming in the weeks. Below 30K is possible if bulls can’t make a move and more selling takes place. Prices below this level haven’t been seen since Jun 2021.
From a technical perspective, the weekly chart on trading view shows a bear flag and lower prices typically follow. A measured move targets a price of 19k-20k. This is below the 20W moving average which is traditionally seen as a support zone for traders. Additionally, in December 2017, bitcoin struggled to overtake this level. Support is expected at this level.
As in life, nothing is perfect or guaranteed, take the below chart for what it’s worth.
Adoption at all-time highs
All is not bearish despite fear in the market. More wallets with >.1 bitcoin exist now than ever before despite bitcoin’s price volatility.
Markets are Unpredictable
It is very difficult to attempt to time market bottoms and tops. Even professionals do not recommend this approach. Regular contributions will smooth out the volatility. Setting a fixed amount weekly, or monthly is a commonly accepted approach to building long-term wealth and increasing your savings.
