BTC Price Forecast : This is When Bitcoin Will Hit $50K
Since the beginning of the year, the most valuable cryptocurrency in the world has been doing quite well, prompting industry professionals to provide their assessments and forecasts. The price of bitcoin picked up steam and was moving toward a move over the $23,500 resistance zone. The token even managed to get over the $23,800 barrier, but it had trouble breaking through the $24,000 barrier.
Experts Debate on Whether BTC will hit $50k
Ran Neuner, the creator of the cryptocurrency-focused YouTube channel Crypto Banter, posted a video on the 30th of January predicting the price movement of Bitcoin over the course of the following ninety days with CTO Larsson and InvestAnswers.
Neuner acknowledges the possibility that the price of bitcoin would reach $50,000 over the next three months, but he says it is very improbable. He noted that the token has been steadily rising but that it has sometimes swung downward for a moment.
Bitcoin’s current price is hovering just above the 23.6% Fib retracement level of the latest drop that began at the swing high of $23,950 and ended at the low of $22,519. There is a point of imminent resistance at the $23,000 level.
According to Neuner, the next significant barrier to buyers and sellers is located close to the $23,200 zone or the 100 hourly simple moving average.
On the other hand, a continuation of the downward correction is possible if the price cannot break through the resistance level of $23,250. The region around the $22,650 zone provides short-term support for the market.
Bitcoin’s value has decreased by 3% over the last twenty-four days and 0.2% over the past seven days, bringing it down to $22,900 at the time of this writing.