Bitcoin May Just Take 4 Weeks To Reach $30,000 As Key Monthly Closes Looming

Bitcoin (BTC) attempted to finish the week above $23,000 in the Feb. 26 close as concerns about stubborn resistance mounted.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

BTC price bulls maintain confidence at USD 30,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $23,318 that day, up $600 from the weekend lows.

The latest move marked a modest comeback after a grim week for risk assets in which US equities suffered from higher than expected inflation numbers.

Despite this, Bitcoin still remained below the level that analysts marked as important to recover before the end of the month.

Only isolated voices remained optimistic, including popular trader Kaleo, who insisted that $30,000 remained a BTC price “magnet”.

Meanwhile, crypto trader Altcoin Sherpa offered a reference period for reaching the $30,000 mark – “4-6 weeks.”

“$BTC is still in transition from bear -> bull, up will only start when the neckline is broken!” fellow trader and analyst Mags continued part of a further summary.

BTC/USD annotated chart. Source: Mags/Twitter

Bloomberg Analyst on Bitcoin: “Trend Continues Down”

Mike McGlone, senior macro strategist at Bloomberg Intelligence, meanwhile, also looked ahead and expressed doubts about bulls’ ability to overcome the $25,000 resistance zone.

Related: Bitcoin Sees 25% of World’s Wealth in New $10 Million BTC Price Prediction

“Headwind remains strong; Markets have recovered – ‘Don’t fight the Fed’ has been the dominant headwind for markets in 2022 and will continue to be so in the first quarter,” he said. wrote in a Twitter summary of new research.

“Bitcoin $25,000 Resistance Could Be Significant For All Risk Assets.”

The research itself predicted that “the more tactically oriented are likely to focus on responsive selling” when it comes to BTC/USD, while it “could take a while for buy-and-hold types to gain the upper hand.”

The week before, hope stayed high that $25,000 wouldn’t be a big hurdle and that BTC/USD could send it without too much effort.

In the event, however, the scope of the task became clear – in addition to questions about stock order books, the major moving averages (MAs) were above it, specifically Bitcoin’s 50-week and 200-week trendlines.

The declining 50-week MA led McGlone himself to conclude that “the trend remains down.”

1 week BTC/USD candlestick chart (Bitstamp) with 50, 200 MA. Source: TradingView

The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cointelegraph.






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