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- If the price succeeds in surpassing the $28k resistance level, it will likely aim for $31,480.
- Crypto Michael, an analyst, has recently forecasted a forthcoming price increase for Bitcoin.
Bitcoin and various other cryptocurrencies have recently been experiencing a significant downtrend due to concerns that FTX might liquidate its cryptocurrency assets. This selling pressure led to a substantial decline in Bitcoin’s value and a general downturn across the cryptocurrency market. However, the anxiety regarding potential selling from FTX has diminished, allowing BTC prices to rise above $26,500, breaching the crucial resistance level of $25,680.
Despite indications that inflation may be more persistent than anticipated, Bitcoin and other traditional markets overlooked this news the previous day and continued to advance. Analyst Crypto Michael recently shared a video in which he anticipated an imminent price surge for Bitcoin.
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Additionally, the expert in the video appears to believe that Bitcoin is beginning to exhibit some strength and is poised to initiate an upward trend. Citing previous price movements, the analyst projected that Bitcoin’s price could reach $45,000 by the time of the halving next year.
Source: CoinMarketCap
The current Bitcoin price stands at $26,651 at the time of this writing according to data from CMC. In mid-June, the support level at $25,000 acted as a launchpad for BTC’s subsequent rise to an annual peak of $31,700.
If the price manages to exceed the $28,000 resistance level, it will likely test the July high resistance level at $31,480. Following the breakout, the price is expected to initiate a new rally towards the $46,700 mark. Conversely, if the price falls below the $25,450 support level, it will likely test the critical support level at $25,000.
