Since the price of Bitcoin (BTC) has been fluctuating in and around the $20,000 zone for the past several weeks, investors are curious to see whether the flagship digital asset can continue to push on to prior highs in the coming months.
The cryptocurrency market will then enter the last month of summer in September, and many investors are wondering whether Bitcoin can hit $30,000, a key psychological level in the past, before heading into the fall. Bitcoin is now trading at $20,552, which is slightly less than $9,500 away from this price, according to CoinMarketCap data.
Whatsmore, Bitcoin is also 5.02% in the last week, meaning that it currently has a market cap of $393 billion.
One crypto trading expert CryptoYurii thinks the hesitant price behavior of Bitcoin might be a part of the Wyckoff setup, which could see BTC rising towards $30,000 by September 2022. The setup is a technical indicator that alludes to the possibility of a bullish turnaround following significant downward movements.
A phase of “accumulation” comes first in the Bitcoin Wyckoff setup, which is then followed by a breakout. As soon as the breakout hits a specific amount, which for BTC is about $30,000, the price movement will most likely begin to consolidate in the “distribution” phase and then decrease.
Crypto community Bitcoin price prediction
Earlier this month, Finbold examined the crypto community price prediction to gauge their prospective price for the month end of July. Interestingly, the community predicted a price of $36,668 by July 31, calculated as an average of the votes submitted by 28,319 users at the time.
According to the community’s prediction for August 31, 2022, they predict Bitcoin to trade at $34,179, which is $13,563 more than the asset’s current price and a 65.79% increase.
Industry experts are not so bullish on Bitcoin
Fintech experts are not as bullish on Bitcoin’s price, not even by the end of the year. Seventy-seven percent of panelists say the market is officially in a “crypto winter,” and only 29 percent hold the view that this bear market will end in 2022.
Finally, investors on Wall Street predicted that Bitcoin will depreciate significantly in the near future, believing that the token is more likely to hit $10,000, which would reduce its worth by almost half, than that it will climb back to $30,000.
The forecast is evidence that investors have an unduly negative perspective on the future. Troubled lenders, collapsing currencies, and an end to the easy money policies of the past that fostered a speculative frenzy in financial markets have all had a negative impact on the cryptocurrency sector, which as a result, has been rocked.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.