Bitcoin Price Analysis
• George Tung, an expert in cryptocurrencies, forecasts that Bitcoin will surge by 150% to $50,000 in the next three to four months.
• Technical indicators suggest that the king cryptocurrency may reach $25,000 if it moves higher from where it is currently trading at $23,400.
• A break and close below the 20-day exponential moving average could signal weakness and trigger a drop to $21,480.
The recovery of Bitcoin after hitting the support level of $22,800 suggests that bulls are buying declines. On February 2nd, they were able to drive the price higher than $24,000 but unable to maintain those levels. The rising moving averages and relative strength index (RSI) being in the overbought zone point towards an upwards direction for Bitcoin’s price.
Analyst Predicts Massive Price Pump Before July
George Tung has predicted that the price of Bitcoin will increase drastically within three or four months with a potential reach of up to $50k. This prediction stems from similarities between 2019 and 2023 when Bitcoin’s price rose from approximately $3,600 and reaching up to about $14k in just a few months.
Potential Roadblocks on Way To Goal
Reaching the goal of over $25k might prove difficult as this level is seen as a challenging obstacle for Bitcoin’s current market conditions. However if there should be a break and closure below the 20-day EMA which is currently at around $22k then this could be seen as a sign of weakness triggering stops for traders resulting in a fall down to about 21k dollars.
It remains uncertain whether or not Bitcoin will reach its projected goal however technical analysis suggests bullish dominance increasing its chances of success. The only thing standing in its way are potential roadblocks such as closing below the 20-day EMA which may cause it to take a dip instead of rising further up like predicted by analyst George Tung before July this year.