The price of Bitcoin has been on an upward trajectory since the past week, despite the numerous debacles that have plagued the crypto space lately. With recent gains, investors and enthusiasts alike debate what the future price of BTC would be, and whether gains would hold.
As of the time of this writing, BTC trades at $28,054 — a change of 0.09% over the past 24 hours — after breaking past the $25K resistance level. Many then wonder if Bitcoin is heading towards the key $30K position, and if it might signal a bullish phase in the near future.
Bitcoin currently trades at $28K after days of prolonged capital inflow. It has gained by more than 30% on the weekly chart, with a market cap of $542.1 billion. Popular crypto trading analyst, Michael van de Poppe, possesses a somewhat hopeful outlook on BTC's chances in the short term.
He tweeted recently, "Bitcoin above $27,000. Great signs. The higher the value, the more people will see it. I've mentioned this before, but I'm expecting a push towards $28,500-$29,200 and then pull back towards $25K, before we'll continue the rally to $40K." However, he also mentioned that if BTC failed to hit $30K this week, it could plummet back to $25K.
Furthermore, a one-week technical analysis from renowned data chart platform, TradingView, showed a bullish perspective. A summary and moving averages suggested a 'strong buy' sentiment at 16 and 12 respectively.
Public sentiment about the crypto market is at its most auspicious since it reached its all-time high 16 months ago. Also, the Crypto Fear and Greed index hit its highest index score this year — a figure close to its November 2021 ATH value.
The purpose of the Crypto Fear and Greed index is to numerically render the current "emotions and sentiments" towards Bitcoin and the crypto space, with the maximum number being 100. A March 20 report of the index revealed a score of 68, which places it in the "Greed" category.
The last time the index had a score above 66 occurred was on November 16, 2021, a few days after Bitcoin hit its all-time high of $69,000 on November, 2021.
Many crypto insiders have predicted positive futures for BTC. Charles Edwards, the CEO of an investment firm, Capriole, predicted a target of $100,000. Ryan Selkis of crypto firm Messari said a similar thing. He cited federal monetary policies and bank problems as reasons why this would happen.
Kevin Svenson, a crypto analyst also opined that BTC could experience a 'parabolic price growth.' This means when a coin yields a big return within a short period. It is a pattern that occurs due to numerous base formation breaks, at the end of a vital market advance. He tweeted that according to the parabolic curve, BTC had currently created two bases with a potential third one, after spotting prices of $15K and $28K, and the price could double after base three. This meant that the price could potentially double to $60K.