Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish
- Bitcoin price trades above the $27,086 support level after bears failed to trigger a breakdown for the last three weeks.
- BTC bulls have an opportunity to kick-start a short-term upswing by flipping the $28,051 hurdle into a support floor.
- A daily candlestick close below $27,086 that decisively flips it into a resistance level will invalidate the bullish thesis.
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
Also read: Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin price to rally in the short term
Bitcoin price has recovered above the $28,086 support level and has triggered a resurgence of buyers. As a result, BTC bulls seem to be back in play, which could catalyze a minor upswing to the next critical hurdle at $28,051.
If Bitcoin price manages to overcome this barrier, it will likely collect the sell-side liquidity resting above the swing highs formed between April 26 and May 5. The upside could be limited to the $30,287 blockade.
In total, Bitcoin price could experience a nearly 12% rally in the coming days from the current price of $27,075.
BTC/USDT 12-hour chart
BTC’s long-term outlook remains clouded
Despite the above scenario suggesting a bullish outlook, investors should be cautious since the long-term bias for Bitcoin price remains ambiguous. Additionally, the upswing previously described will have to retest the weekly Bearish Breaker noted in previous articles.
Read more: Where will the 2023 crypto bull rally top?
Once Bitcoin reaches the $30,000 psychological level, it could retest the $35,260 hurdle and extend up to $41,273 if the right catalyst is present. On the other hand, if bears continue to pressure holders, BTC could fall back to $25,205 and $24,300 support levels in the short term.
In the long run, if Bitcoin price loses the aforementioned footholds, a retest of the $17,605 barrier seems plausible.
BTC/USDT 1-week chart
Historical Data suggests this for BTC: Bitcoin likely to remain in red through the next quarter if history is any indication
Concluding thoughts
While the big picture for Bitcoin price seems confusing, investors should focus only on the short-term and take it one step at a time.
At present, the short-term bullish outlook is likely to result in a roughly 12% upside that could potentially reach $30,000 psychological level. After this retest, depending on how BTC holds up, traders should take their next course of action.
The critical levels to watch for long-term BTC holders are the $35,260 and $41,273 to the upside. To the downside, key support levels include $25,205, $24,300 and in a dire case, $17,605.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
