With the price of bitcoin (BTC) fluctuating around $20,000 in recent weeks, investors are wondering whether the flagship digital asset can continue to move to previous highs in the coming months.
Crypto trading expert CryptoYurii believes bitcoin’s indecisive price behavior could be part of a Wyckoff setup that could see BTC rise to $30,000 by September 2022. This setup is a technical indicator that hints at the possibility of a bullish reversal after a significant downward decline.
First, the bitcoin Wyckoff setup has an “accumulation” phase, followed by a breakout. Once it reaches a certain number, which for BTC is around $30,000, the price movement will likely begin to consolidate into a “distribution” phase and then decline.
According to the Finbold community’s August 31, 2022 forecast, bitcoin will be trading at $34,179 by July 31, which is $13,563 more than the asset’s current price and represents a 65.79% increase.
A group of 53 experts from the cryptocurrency industry and Web3 give a much less rosy forecast: in 2022, the price of bitcoin will reach a yearly low of $ 13,676, then it will recover and finish the year at $ 25,473.
Fintech experts are not as optimistic about the BTC price – 75% of panelists are confident of a prolonged “crypto-zine,” and only 29% are confident that the bear market will end soon.