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‘Pop or drop?’ Bitcoin analysts decide if BTC price will beat $30K

‘Pop or drop?’ Bitcoin analysts decide if BTC price will beat $30K

Bitcoin (BTC) is currently experiencing a period of consolidation as the crypto market prepares for a potential breakout. The cryptocurrency reached its highest weekly close since June 2022, and traders are optimistic about the possibility of an attack on $30,000. However, there is formidable resistance overhead, and BTC/USD has been trading in a narrow range of $28,200, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

This sustained period of narrow trading could lead to a more significant breakout, either up or down. A closer look at popular analysts’ outlooks provides some insights into where BTC price action could go next.

Material Indicators: Volatility is Coming

The latest figures from Binance show that volatility could be incoming, warns Material Indicators. The snapshot uploaded on Twitter by the monitoring resource shows that liquidity is being removed from near spot price to lower and higher levels. This could result in more erratic moves within its range, leading to a potential significant trend break. Material Indicators commented, “The question is, will BTC pop or drop after all of this chop?”

BTC/USD order book data (Binance). Source: Material Indicators/Twitter

Credible Crypto: BTC Price Copying 2020 Breakout

According to Credible Crypto, BTC is reenacting a bullish preparatory structure from just before breaking through the $20,000 all-time high in late 2020. He argued that $26,000 to $29,000 today is similar to the $8,000–$10,000 range from the summer of that year. In a perfect world, BTC/USD would dip to around $27,500 to consolidate that area as support before a bullish surge higher.

BTC/USD comparison chart. Source: Credible Crypto/ Twitter

Stockmoney Lizards: “Decision Point” for Bitcoin

Financial information resource Stockmoney Lizards believes that the likely outcome of the current rangebound period is “up.” It highlighted BTC/USD making a series of higher lows while preserving the same cloud of resistance near $30,000, leading to bulls winning out as Bitcoin reaches a “decision point.”

BTC/USD annotated chart. Source: Stockmoney LIzards/Twitter

The views, thoughts, and opinions expressed in this article are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.