- Analysts believe $20,400 is a key level to hold for bulls, losing this level could push Bitcoin much lower.
- Investment research firm Charles Schwab reveals 46% of Gen Z wants to invest in Bitcoin and cryptocurrencies via their 401(k).
- Analysts and proponents believe Bitcoin is preparing for massive volatility in response to the ongoing price compression.
Analysts argue that $20,750 is a key price level for Bitcoin, a drop below this level could imply a bearish trend reversal in the asset. After a prolonged period of low volatility, Bitcoin is ready to break out of its downtrend with a massive breakout.
Also read: JUST IN: Hong Kong is set to legalize Bitcoin and crypto trading
Top analyst notes BTC is headed to crucial price level
Michäel van de Poppe, crypto analyst and the CEO and Founder of Eight Global evaluated the Bitcoin price trend. The analyst notes that Bitcoin price will face next resistance between the $20,750 level and the $20,900 level. This is a significant level for Bitcoin.
The analyst believes Bitcoin price needs to cross the $20,500 level and sustain above it for a bullish trend reversal. The analyst believes the asset is ready for a test at the $20,000 before a massive rally.
BTC/USDT price chart
RektCapital, a pseudonymous crypto analyst identified weekly Bollinger Bands on Bitcoin’s chart are getting increasingly narrow. Non-volatility typically leads to price compression and any price compression is a driver of new volatility in a digital asset. Therefore, the analyst expects Bitcoin price to break out of its downtrend and witness a breakout in the short-term.
BTC/USDT price chart with Bollinger Bands
46% of Gen Z interested in Bitcoin
Investment research firm Charles Schwab shared results of its survey on interest in cryptocurrencies. The survey findings revealed that 46% of Gen Z, the generation of individuals born between 1997 and 2012, want to invest in Bitcoin and crypto via their 401(k). 45% of millennial participants, the generation born between 1981 and 1996 are keen on investing in Bitcoin for their retirement.
Analysts at FXStreet believe Bitcoin price has the potential to rally to the $23,000 level. For more information and key price levels to watch out for, check the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?