Bitcoin price prediction: Cryptocurrency declines despite bullish forecasts
Bitcoin price prediction: Cryptocurrency declines despite bullish forecasts
The price of Bitcoin (BTC) has broken below the $26,500 support level and is preparing to test the $26,000 level.
Throughout the weekend, Bitcoin showed low volatility, trading between $26,550 and $26,635, but on Monday it fell below the $26,200 level. However, many experts had anticipated this price movement, explaining that suppressed price movements often occur during periods of stagnant or declining prices.
Currently, Bitcoin is continuing its bearish trend, trading at $26,114.71. It's worth noting that Bitcoin is falling at a time when many leading crypto industry experts are predicting it to rise, including due to its impending halving.
Titan of Crypto (@Washigorira) believes that Bitcoin could reach $48,700 by the time of the upcoming halving, which is expected in seven months.
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SkyBridge Capital founder Anthony Scaramucci said at the Messari Mainnet conference that the worst of the bear market in digital assets is over.
"If you got your Bitcoin, I wouldn't sell your Bitcoin, you made it through winter… The next 10 to 20 years are remarkably bullish," he said.
If Bitcoin can overcome the bearish trend and resume its uptrend, it will encounter near-term resistance at $26,350. Key resistance is at $26,500, and if it is broken, it will face resistance at $26,700. If it is broken, BTC will continue to grow.
However, if Bitcoin continues to fall, it will meet support at $26,050 as well as $26,000, the breakthrough of which will contribute to the decline of BTC to the area of $25,400.
Read also: What to expect from the ETH EIP-4844 network upgrade.
