Bitcoin has regained momentum with price stability at $30,000 USD. If current support persists, an expert predicts a price advance.
The extraordinary 19.04% increase in Bitcoin’s (BTC) price over the past week is responsible for the ongoing recovery in the digital currency ecosystem.
The favorable momentum has inspired optimism among many investors, particularly those who entered the market just before the implosion of the FTX Derivatives Exchange.
Expert Opinion on Bitcoin Price
Bitcoin is the largest cryptocurrency by market capitalization and one of the tokens with the most volatile price fluctuations. The renowned market analyst known on Twitter as CrediBULL Crypto assured his more than 341,000 followers that the price of the leading digital currency is now stable in the $29,000 to $30,000 range.
Update to the $BTC idea/video from yesterday:
Now that we have cleared the local supply zone where I said we should be cautious, I'm once again bullish on LTF as well.
If this is an impulsive move and the start of our accelerated move to new all time highs, we should hold the… https://t.co/PkKF0RNhQw pic.twitter.com/X6dIMJLXlK
— CrediBULL Crypto (@CredibleCrypto) June 22, 2023Bitcoin price reclaimed the $30,000 resistance level for the first time since April and has been able to use it as support for more than 24 hours. With Bitcoin’s price has risen from the $25,000 range, CrediBULL Crypto predicted that the $30,000 support level will need to be adequately protected; if this is achieved, it will signify the “start of our accelerated move to new all-time highs.”
Since its inception, it has exhibited sufficient resiliency, a distinctive trait that has remained vital to the digital currency’s price recovery. The latest crackdowns by the US Securities and Exchange Commission (SEC) on leading trading platforms and cryptocurrencies have partially deterred investors’ resolve.
Significant Factors that Can Drive Growth
Numerous Bitcoin-related fundamental developments captivated the digital currency and broader investment communities. First, Tether Holdings Limited, the issuer of the stablecoin Tether, revealed its intention to invest in Bitcoin mining and the cryptocurrency as a reserve buffer.
The possibility that the first spot Bitcoin ETF application will be approved by the SEC has also kept hopes alive that Bitcoin may be on the verge of retesting highs not seen in months.
According to a thought-provoking query posed by PlanB, investors are already in the lead for the upcoming Bitcoin Halving event, which is a significant factor in boosting sentiment.
