As per the analysis of cryptocurrency experts, Bitcoin has recently witnessed a significant surge in value following the unfortunate downfall of several US banks, including the Silicon Valley Bank. BTC has successfully rebounded from its dip to $25,000 and has now surpassed its previous all-time high, reaching the $19,000s mark.
According to the esteemed crypto expert and popular YouTuber, AltcoinSherpa, Bitcoin is projected to fluctuate between a high range of $25,000 and a low range of $15,000. Nevertheless, the insightful creator foresees potential deviations on either end, with a possible high of $35,000 and a low of $13,000. AltcoinSherpa confidently asserts, “The market is always full of surprises.”
Bitcoin looks really strong in the short term.
Bitcoin recently surged above the $25,000 mark but encountered resistance from its 200-day EMA before experiencing a price decline. Nevertheless, the value of BTC has since rebounded and is currently back on track.
According to the crypto analyst, the coin faces a formidable resistance zone ranging from $20k to $30k. This range served as a crucial support level for Bitcoin in 2021, marking the “bottom for early summer of 2021”. However, if BTC surpasses the $25k mark, it could pave the way for a surge toward the $30k milestone.
According to AltcoinSherpa, a potential scenario exists where 2023 could mirror the price fluctuations of 2019. That year, Bitcoin’s value surged from $3k to $14k before experiencing a 50% decline. Similarly, we may witness a price plateau of $30k this year before Bitcoin undergoes a negative 50% shift, ultimately settling at around $14k. These projections are based on careful analysis and should be considered with a professional mindset.
According to the analyst, the prices fluctuate based on inflation rates and the Federal Reserve’s interest rate decisions. Additionally, the heavy volume of transactions within the $30k to $40k range will impact the overall value.
