With Bitcoin (BTC) momentarily reaching $24,900 in the previous 24 hours, the flagship digital asset’s highest price in six months, investors are watching to see whether it will break through the barrier at this level and trade over $25,000.
Currently, up to 49.5% in 2023, cryptocurrency trading specialist Michaël van de Poppe speculated on February 16 in a tweet that if Bitcoin can breach $25,000, it will likely soar to $30,000 and beyond as higher timeframe levels have one test and then markets start to surge upwards, as investors excessively short the correction.
“Corrections are relatively short-lived in an upwards trending market. Higher timeframe levels get one test and then markets start to shoot upwards, as people over short the correction. Breaking $25K and we’ll continue towards $30-35K for Bitcoin.”
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However, he cautioned that despite Bitcoin’s recent rise, the digital currency might be facing “the biggest bull trap” he’s ever seen. He said this despite the fact that Bitcoin has been climbing, “being determined on one direction of the market can trick you into giant losses.”
Bitcoin price analysis
On Thursday, February 16, Bitcoin surged, taking the cryptocurrency market with it, seemingly unfazed by a stronger regulatory posture taken by the United States government.
Currently, Bitcoin is trading at $24,622, up 11.02% in the last 24 hours and 8.43% across the previous week. The total market worth of Bitcoin now stands at $475.2 billion after it added $46 billion to its market capitalization in 24 hours.
Interestingly, in terms of the technical analysis (TA) indicators on the finance tracking website TradingView, the 1-month sentiment gauges for Bitcoin are extremely bullish. The summary is currently indicating a ‘strong buy’ at 17, which is aggregated from oscillators in the ‘strong buy’ area at 3 and moving averages (MA) also pointing toward a ‘strong buy’ at 14.
There are growing indications that the market bottomed in November and has since turned bullish as it appears to be picking up steam, and people are brushing off any bearish news, which are both traditional signals that many in the space feel the worst has passed.
Even if the present regulatory climate seems to be a headwind for the cryptocurrency industry, it would appear that some money is flowing from altcoins to Bitcoin. In effect, BTC is the only cryptocurrency that has been labeled as a “commodity” by the chair of the SEC. As a direct result of this, Bitcoin’s market domination is steadily growing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
