Bitcoin’s price is about to break out of a pattern that could make it go up by 8.78% to reach $32,247. But before that happens, investors need to make the price changes more active.
Bitcoin’s price has stayed quite steady between $29,000 and $30,000 for a few weeks. This isn’t just happening to Bitcoin, but the whole crypto market. Experts think that once the rules in the United States become clearer, Bitcoin might go above $30,000.
Right now, Bitcoin’s price is around $29,730, and it has gone up by 1.8%. There have been trades worth $18 billion, and the total value of all Bitcoin together is about $577 billion.
BTC/USD daily chart | Tradingview
The main problem stopping Bitcoin’s price from going up a lot is that it’s not changing much. Vivien Fang, who takes care of trading stuff at Bybit, a trading company, talked to CoinDesk. She said that this situation might continue until the end of the year. Investors are looking at things like ETF stories or really big events that could change the whole industry.
The $30,000 price for Bitcoin is a very important point
When Bitcoin’s price stays around $30,000, it’s a big deal. It might mean there’s a chance it could rise a lot to reach $40,000.
There’s a pattern on the daily chart that looks like a falling wedge. This could show that there’s a possible breakout coming soon, although it might not last very long.
This pattern is usually seen when the price keeps going down but in a smaller range each time. It looks like a wedge. It can mean the trend will change or continue.
BTC/USD daily chart | Tradingview
The wedge pattern is confirmed when the price goes above the top line, showing that the buyers are taking charge and want to make the price go up.
People who trade Bitcoin and see the falling wedge pattern can know when to start and stop their orders. For instance, it’s smart to start buying when the price goes above the top line, which is near $30,000. And they should decide to stop if the price goes lower than the recent low, which is a bit above $29,000.
$BTC Bulls Maintain Control 📈🔥
– Defending the Major Trendline
– Falling wedge Breakout #Crypto #Bitcoin #BTC pic.twitter.com/AKDECG4ONm— Captain Faibik (@CryptoFaibik) August 9, 2023
Traders can decide where to take their profits by looking at how big the wedge is. They can predict around 8.78% increase from the breakout point, which might go up to about $32,247.
Confirming the Good Possibilities in Bitcoin’s Price
Even though the crypto market has been quite ordinary, the Bitcoin price might keep going up above $30,000 this week. People who want to buy Bitcoin might want to look at a tool called the Moving Average Convergence Divergence (MACD) indicator.
If traders notice that the blue MACD line goes above the red signal line, the expected breakout from the falling wedge pattern might happen quickly. But it’s important to watch if the price goes above $30,000 and stays there, or if it goes back down (which might be a trap for investors).
The Money Flow Index (MFI) shows that buyers are stronger, especially since more money is coming into Bitcoin markets than leaving.
But it’s possible that the price might drop a bit, and it could find support around $29,345, helped by the 50-day EMA (red line). This might prevent the situation from getting worse for investors. If it keeps getting worse, it might be harder for the price to stay above $29,000 and there could be more losses down to $28,000 and $25,000.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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