Here’s How Bitcoin (BTC) Price May Plan it’s Advent Beyond the $25k mark

The post Here’s How Bitcoin (BTC) Price May Plan it’s Advent Beyond the $25k mark appeared first on Coinpedia Fintech News

Bitcoin, the largest cryptocurrency, has broken its one-year trend and is now waiting for its next move. In January, the crypto sector experienced a significant change as Bitcoin flipped important resistance levels into support. This has caused the coin to hover closer to the $24,000 mark, leading analysts to predict its journey beyond the $25,000 mark.

Analyst Benjamin Cowen has pointed out the convergence of several factors at the $25,000 mark for Bitcoin. He stated that the 50-week simple moving average (SMA) is moving down to $25,000, the 200-week SMA is moving up to $25,000, and $25,000 also marked the summer 2022 top. The only thing not yet at $25,000 is the current price of Bitcoin.

Technical analyst CryptoCon has warned about the possibility of pullbacks but suggests that taking part in accumulation and buying in at great prices will ultimately result in a return to the median price of $34,000 and a bottom of $15,500. Another analyst named Cillionaire.com highlighted an interesting fact, mentioning that the last time Bitcoin bounced back from its multi-year support, the price of Bitcoin went from $6,000 to $64,000 in a year.

A recent study by cryptocurrency services provider Matrixport showed that an improvement in the early part of the year often leads to a positive year-end performance for Bitcoin. The head of research, Markus Thielen, stated that the average gain throughout the year has been around 245% and that Bitcoin’s year-end performance has been favorable in five of the last six years when it had a January rally.

In conclusion, while pullbacks can be a concern, the convergence of various factors at the $25,000 mark for Bitcoin and the positive results from early improvements in the year have analysts optimistic about the cryptocurrency’s future performance.