Bitcoin price continues its range-bound movement near the $23K level. Traders await a fall in Bitcoin (BTC) price to buy from lower levels and make more profits. While traders speculate whether the Bitcoin price will continue to rise and hit $25K or fall to $21K, popular analyst Michael van de Poppe earlier predicted a fall to $21.5K before a rally.
Best Level to Buy Bitcoin
Crypto analyst Credible Crypto in a tweet on January 28 said that Bitcoin holds potential for an upside move and continuation to the upper $25K target.
However, a move to $21.5K is expected as BTC price faces strong resistance near $23.2k. The monthly bullish breaker between $19.5K and $20.5K is the ideal buy zone. Traders making a buy at this level can make significant profits when Bitcoin price reaches above $30K.
The heat map also coincides with the monthly bullish breaker between $19.5K and $20.5K. Thus, traders are likely looking for Bitcoin price to fall below $20K to begin a massive rally towards $30K.
Crypto analyst Michael van de Poppe said BTC price is facing difficulty in breaking above a crucial resistance at $23.1K. Thus, if Bitcoin continues to make lower highs, then probably test and sweep around $22.3K before continuation is more likely.
Bitcoin Price Falls Lower Ahead of FOMC Meeting
In the last 24 hours, BTC price continues to trade sideways near the $23K level. The 24-hour low and high are $22,880 and $23,417, respectively. Furthermore, the trading volume has decreased by 15% in the last 24 hours. Thus, there’s a decline in interest among traders at the current level after a nearly 40% rally in January.
The Federal Reserve is likely to announce another 50 bps rate hike, as per Wall Street estimates. However, the CME FedWatch Tool indicates a 98.2% probability of a 25 bps rate hike.
Also Read: Will Crypto Miners Sell Their BTC Holdings As Bitcoin Price Recovers?
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