We’ve had two weeks of Bitcoin price growth, and this week is more of a doji candle formation so far. Some analysts see the formation of an evening star and predict a possible return below $30,000. In the long term, however, it is inclined towards growth. And easily even at USD 48,000 in the foreseeable future.
On Wednesday, we closed the daily candle at $35,440 (Bitstamp) and even got just below $36,000 just one hour after midnight. These are the highest levels since May 2022, and the price of Bitcoin has also surpassed last month’s high. CrediBULL Crypto analyst on social network X published a chart, according to which he predicts a short return to the band around $34,400 and then further growth.
Bearish predictions are still in play
For some analysts, a return to the $20,000 mark is still in play. Despite the end of rate hikes by the Fed, there are still enough factors in play to trigger a recession or even an economic crisis. And it makes no sense to think that such a situation would not affect cryptocurrencies. Nevertheless, there are analysts who paint relatively high numbers on long-term charts. It is based on a broken bull megaphone pattern.
The expected target level after breaking the above pattern comes out to be 48,000 USD. But the analyst himself admits that it may still take some time. He assumes that the dynamics of the bull market could be helped by halving. He is waiting for us in 166 days. So we’ll see.