Bitcoin (BTC) has been trading in a narrow range, but will its price go beyond $32,000 next week? Experts share their thoughts.
Bitcoin (BTC) is still the most talked-about digital money in the crypto world. Its price hasn’t been very exciting lately, staying in a small range. A big analyst named CrediBULL has shared what they think might happen to the price of Bitcoin next week.
The BTC Price Outlook
Right now, Bitcoin is being bought and sold for about $29,368.16. It’s getting back some of the money it lost in the last 24 hours. In the whole past week, Bitcoin’s price has gone up a little, gaining about 2.3%.
According to CrediBULL, it’s likely that the Bitcoin price might go back to the range of $28,700 to $29,000 soon. If it goes there, the analyst thinks it won’t go down even more, as long as the lowest point has already happened. If the price can’t stay in that range, it might mean that more people need to sell to balance out the quick buying that happened recently.
I think we test 28.7k-29k at some point. If bottom is in, it should hold. If we lose it, one more flush down as per my last tweet (quoted).
Ideally would like to see some liq taken above before we test GREEN.
That is the most important region on the chart right now imo. $BTC https://t.co/oWAauFZyHq pic.twitter.com/8FNBZZ2Vpy
— CrediBULL Crypto (@CredibleCrypto) August 13, 2023
The analyst thinks it’s a good idea to buy when the price is low like this before we have another period of rising prices. This is because when prices go up, they also come down sometimes, and it’s important for this to happen during a period of rising prices. Whether we have this price drop now or later, it won’t really change how things are.
Until now, in this year, Bitcoin’s price hasn’t gone higher than the highest price it reached so far, which is $31,474. This is an important level to keep an eye on in the upcoming week.
What’s Keeping Bitcoin Strong
Bitcoin has stayed strong this year because of its overall strengths. The US didn’t give the approval for the Ark Invest spot Bitcoin ETF from the SEC, and this decision was delayed once again.
Lots of experts in the field have said that if the spot BTC ETF gets approved, it could give a big boost that might help the price of Bitcoin go over the $32,000 price point, which has been a challenge since the year began.
Overall, it’s more a question of when Bitcoin will make a comeback, not if it will.
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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