Despite the continuous turbulence in the cryptocurrency market, Bitcoin is largely unaltered and has been consolidating between $15,800 and $17,200 on Friday. Bitcoin Trades Marginally as It Facing Rejection at $17K Since its price declined on November 9, when it was around $17K.
At present, the immediate resistance is found at the $16,950 level. On successful breakout bitcoin will head toward the major resistance near $17,000. Thus, traders can expect a steady recovery if the BTC price successfully holds above the $17K level in the coming days.
However, on the other hand, the major support is near the $16,350 zone, if the flagship currency starts a fresh decline it might initially test the main support level at $16,000. Moreover, in the extended bearish trend BTC price will drop below $16,000 plunging toward $13K
Popular cryptocurrency analyst Benjamin Cowen believes that Bitcoin could be on the cusp of a major bottom. His analysis is based on the flagship crypto asset’s trading history.
As per the analyst :
“We’re potentially looking at another major bottom in crypto at the end of 2022 or early 2023. This would correspond to what historically would be a major bottom. And I would contend that it could be the market cycle bottom.”
Bitcoin To Hit 6 Figures by End of 2023
Tim Draper, a well-known venture capitalist, recently told Bloomberg that the price of bitcoin may reach $250,000 and perhaps go higher than those incredibly aggressive price predictions.
Draper claimed that the biggest cryptocurrency would still be able to reach the aforementioned goal within six months at a recent appearance at Web Summit.
The venture entrepreneur, who invested in Skype and Hotmail early on, has consistently forecast that the price of Bitcoin will be able to reach $250,000 by the end of 2023.