• Bitcoin price continues to struggle below $23,500, while the entire crypto space remains consolidated.
• A Bloomberg analyst believes that the asset needs to rise above the $25,000 resistance for it to hit $30,000 in four weeks.
• Some analysts still believe that BTC could rebound from current consolidation and reach its target of $30k.
Bitcoin Price Consolidation
Bitcoin price today began with a minor consolidation that soon lost momentum and began to deplete. While the price drop appears to be temporary, the impact is expected to be significant. After the recent bearish weekly close, it is quite evident that the BTC price could drop below $23,000 very soon.
Bloomberg Analyst’s Research
A senior Bloomberg analyst, Mike McGlone also believes that the asset needs to rise above the $25,000 resistance for it to hit its target of $30k in four weeks. Summarizing his new research, he wrote,“Headwinds Remain Strong; Markets Have Bounced- ‚Don’t fight the Fed‘ was the dominant headwind for markets in 2022, and remains so in Q1,“
Popular Analyst’s Belief
Some analysts still believe that BTC could rebound from current consolidation and reach its target of $30k. A popular analyst Kaleo highlighted a HTF breakout which raised BTC’s price beyond a descending trend line it had maintained for months earlier. The breakout triggered a rally within a rising channel and presently is testing lower support attempting to rebound towards its target of 30k USDT.
Current Price Movement
The Bitcoin (BTC) price is currently around $23,438.8 with a jump of 1.11% in the past 24 hours while the asset has recorded a notable drop of more than 4.4% in past seven days trading session..
Conclusion
With an expected bounce back from current consolidation levels ,the Bitcoin (BTC)price may surge above 25K USDT before hitting its all time high of 30K USDT as predicted by some analysts .
