Will Bitcoin Surge To $30K After Its Astronomical One-Day Surge? Here’s What Waiting For BTC Price

The post Will Bitcoin Surge To $30K After Its Astronomical One-Day Surge? Here’s What Waiting For BTC Price appeared first on Coinpedia Fintech News

Bitcoin has been on a rollercoaster ride in the last few days as its price got influenced by several macroeconomic factors. However, despite rising regulatory concerns in the crypto space, BTC price has shown an unexpected bullish reversal from its support level as it gained over $2K in one day.

The exponential price growth left investors and market experts scratching their heads, trying to get the reason behind this solid bullish trend. As a result, the Bitcoin market is now eagerly waiting for the upcoming price trend, whether BTC would be able to spark a trend continuation or witness a major downfall. 

Bitcoin Investors Fuel For A Bull Market This Quarter

The last 24 hours have been a messiah for the crypto market as Bitcoin’s upward rally added $100 billion to the global crypto market cap since August. Analysts believe positive CPI data acted as a catalyst in giving bullish strength to the BTC price trend, skyrocketing its value from the bottom level of $21.5K to a high of almost $25K. 

The reason behind the price surge can be attributed to the low inflation rate and the rise of the dollar. However, on-chain data from Lookonchain suggested massive USDC movements worth $1.6 billion in the crypto market, bringing enough liquidity to push the market forward. 

Moreover, on-chain analytic firm Santiment noted an increased accumulation in wallet addresses holding 100-1K Bitcoins, hinting at mid-cap investors’ entry to the Bitcoin market to be a part of the profit. 

BTC price has received strong support from the community as Galaxy Digital’s CEO, Mike Novogratz, believes that Bitcoin could return to the $30K price level by March’s end.

He stated, “When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter.”

What Lies Ahead For BTC Price?

Bitcoin’s price has formed a strong support near $22K and has been able to surge above many obstacles near the $23K resistance level. However, it seems that the BTC price may face a rejection near $25K and begin a short-term downward correction as it drops near 23.6% Fib retracement. 

As of writing, BTC price trades at $24.5K, with a gain of over 8% in the last 24 hours. Analyzing the daily price chart, Bitcoin may begin a downward correction to its 61.8% Fib level as it faces a minor rejection near $25K. If the BTC price fails to clear $25K within the next two days, it may trigger sellers to open short positions and force BTC to drop by 1.5%. 

If Bitcoin falls below EMA-20 at $22.6K, it may again head toward the bottom of $21.5K. However, Bitcoin may invalidate its bearish analysis if it opens a weekly candle above $25K, from which the next resistance will be at $30K.