Bitcoin Price Prediction: BTC Price Poised For 20% Spike If This Happens

The post Bitcoin Price Prediction: BTC Price Poised For 20% Spike If This Happens appeared first on Coinpedia Fintech News

Bitcoin’s (BTC) price continues to hold on to a crucial support level of around $29.4k to guarantee a continued rally above $31k in the near term perspective. The top coin is expected to experience heightened volatility in the coming days amid high-impact news today and tomorrow.

Additionally, the United States SEC is expected to issue a verdict on the Bitcoin ETF application next week, which was applied by Cathie Wood’s Ark Invest last year.

As a result, experts agree the top coin will register heightened volatility amid increased speculations. Moreover, Bitcoin dominance and price action point to more upside swing in the coming days toward the next major resistance around $31k.

Bitcoin Price Analysis

According to a popular crypto analyst Jelle, Bitcoin price is well positioned for a 20 percent spike from current levels based on historical data. Notably, the analyst based the Bitcoin bullish argument on the fact that the mother coin has locked in a daily bullish MACD cross. As a result, the analyst argued that Bitcoin could rally toward $35.4k in the coming weeks.

The analyst further supported Bitcoin’s bullish stance, from the fact that the asset has been printing higher highs and higher lows, a popular characteristic of a rising market.

Notably, the trade setup could be invalidated if Bitcoin price drops below $28.5k in the coming days, which could put the bears on the higher ground with $25k in close sight.