Saturday, August 13, 2022

The Bitcoin Price Is About to Break $3000 – Are You Ready?

The Bitcoin Price Is About to Break $3000 – Are You Ready?

You were excited about the bitcoin price rebounding to $2500? That’s kid stuff. We’re on our way to $3000 soon.

Also read: Japan’s ‘Mrs. Watanabe’ Amateur Traders Driving Crypto Boom

Bitcoin Price Technical Analysis

Long-Term Analysis

Bitcoin Price Technical Analysis

The markets could send bitcoin beyond the current all-time high of $2760, possibly going as high as $3000.
According to Fibonacci theoretical retracement numbers, a bouncing zone formed in during this most recent correction, preventing the bitcoin price from falling below $2000. After shoring up the price, that bounce zone turned into a vertical price rise, which could become a flag formation with a long-term technical goal of $3000

Mid-Term Analysis

Bitcoin Price Technical Analysis

In the mid-term bitcoin remains bullish even as traders take profit. The selling will ultimately confirm the current theoretical supports, further solidifying the overall rally as volatility increases and volume remains fluid.

Before the upward trend continues, though, profit takers could create a lateral sideways market. However, that sideways activity would quickly return to bullish movement, ultimately resuming the march towards $3000, with the bouncing area still active and providing support to the upside.

Short-Term Analysis

Bitcoin Price Technical Analysis

The current bouncing area can be traced to the rising channel that started last march. By analyzing that channel, we can see a short-term technical goal at $3150.

Gann Angles Theory shows some theoretical resistance on the way up to the $3150 objective. However, Japanese Candlestick Analysis shows that any resistance on the way up will quickly be broken.

Those analyses, combined with fluid volume, suggest that the bitcoin price will continue rising with an upper support at $2100 and a lower bound support at $1750.

What do you think will happen to the bitcoin price? Will we hit $3000 soon? Share your thoughts and predictions in the comments below.


Image via pixabay.

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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