BlocksInform
Bitcoin price is still trending comfortably above the $23,000 level because it holds its upward trend. This has been going on for a few weeks now, driven by the new accommodating attitude of the Federal Reserve in the United States. However, not all investors have taken this upward trend, as many still expect lower digital asset prices.
Bitcoin Price Could Trade At $20,000 Soon
According to the Price Estimates feature on Coinmarketcap, a good number of investors are expecting a bearish reversal for the bitcoin price. Price estimates are a feature of the data aggregator web site that allows individual users to indicate their price expectations and then provide an estimate of all forecasts.
In the current forecast cycle, the downward sentiment around the digital asset appears to be intensifying as the median estimates have been $20,000. If that happens, then the price of bitcoin could reach that level in late February depending on the function of price estimates. This would also represent a decrease of 14.69% compared to the current price.
BTC price estimates puts it over 14% lower | Source: CoinmarketcapInterestingly, bearish expectations extend over the next five months, not just in February. The median of 8,053 votes was $19,500 in March, $18,426 out of a total of 5,294 votes for April, $17,6660 in the case of 3,617 votes in May, $18,555 in support of 2,161 votes in June.
A total of 34,000 votes were obtained using the Price Estimates function, with an average of $20,203.57 for all votes. The median estimate was significantly lower at $19,659.
BTC price recovers above $23,500 | Source: BTCUSD on TradingView.com BTC Price continues to demonstrate solid fundamentals.
Presently, while there has been speculation that the current movement towards the top of bitcoin is a bull trap, Digital still has strong fundamentals that suggest price could continue to increase. One of them is that the cryptocurrency is still trading far above all major moving averages.
The digital asset has now established just over $23,000 in support, meaning the bulls are still well under control. The $24,000 may have been elusive, but bitcoin still holds sufficient momentum for a retest. Over the last 24 hours, trade volumes in excess of $29 billion were recorded. As long as bulls can hold the price of Bitcoin above $23,000 going in the weekend, the chance of an accident remains slim.
BTC is currently trading for only $23,400 Aviv at this time. It has decreased by 1.53% over the last 24 hours, but it has recorded gains of 2.08% over the past 7 days.
