Will Bitcoin (BTC) break out of the $17K mark?

Will Bitcoin (BTC) break out of the $17K mark

Bitcoin is a leading decentralized payment protocol with the highest market cap in the crypto industry. At the time of writing this post, BTC USD is trading below $18K, and it is one such cryptocurrency that has yet to regain the previous support after the fall of the FTX liquidity crisis in the first week of November.

The recovery is late because of several reasons. Still, the primary reasons are retail investors are worried about the sustainability of Bitcoin for the long term because it is running on proof of work consensus, especially after Ethereum’s Merge upgrade. Indeed, Bitcoin will not face a liquidity crisis in the future. Still, it is a much more volatile asset to hold for the next 20 years or as an alternative to gold.

Will BTC Regain the Previous Support of $19k soon?

At the time of writing this post, Bollinger Bands lacked volatility, and today’s candle has broken the upper Bollinger Band, suggesting the price will be retraced to the level of $17k in the next two days. Still, within two months or more, it will slowly regain the previous support of $19K. MACD is bullish with green histograms, and RSI is over 50, which suggests strong momentum for Bitcoin (BTC), but it has not been reflected yet in the price action.

On the weekly chart, candlesticks have been forming in the lower Bollinger Bands for the last eight months, but after the first week of November, the candle has formed a Doji; after that, it turns bullish, which suggests a short-term trend reversal.

Will Bitcoin continue its ongoing rally?

The recent weekly candles are forming higher highs and higher lows, which suggests a downtrend. Considering all the popular technical indicators, we think Bitcoin price is not bullish for the long term until it consolidates between $20k and $25K.

Indeed, based on our Bitcoin future predictions, it might break the $19K for the short term, but $19,500 will work as a resistance. If you are a long-term investor, you can accumulate BTC for the next five years, but we think if you have accumulated BTC around $19K, it is time to wait for a better price because it might break the $17K by forming another lower low.

Binance comes with a recovery fund for fundamentally strong projects, and it is also launched a Bitcoin liquidity pool which brings back the confidence of retail investors. The BTC price will bounce back within the next few months. It is time to wait for the right opportunity and invest when Bitcoin reflects a long-term bullish momentum on the price chart. Please follow our website to get the latest update on Bitcoin.

David Cox: David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.