spot_imgspot_imgspot_img

Bitcoin Price Prediction: Can it Rise to $28,000? August 23 BTC Analysis

  • Bitcoin is moving above $25,900 on the hourly chart. As long as it stays above this level, there is potential for an upward movement towards the $26,300 resistance.
  • However, if the price closes below $25,900 on an hourly basis, the decline could extend to the support range of $25,700 – $25,600. Holding above $25,600 could initiate a new upward trend.
  • On the daily chart, Bitcoin experienced a drop to the $25,200 levels, but it closed daily above the $25,800 support with buying reaction. The continuation of closing above this level indicates the possibility of further upward movement.

The movement above $25,900 on the hourly chart of BTC and the potential effects of closing below $25,900 were examined. Similarly, the importance of the drop to the $25,200 level and the closing above $25,800 were emphasized on the daily chart. The price movements and closings at specific levels indicate possible upward and downward trends.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

When examining the daily technical chart of Bitcoin, it can be observed that the price dropped to the $25,200 levels but closed daily above the $25,800 support with buying reaction.

If Bitcoin continues to close daily above $25,800, it may aim to move towards the $26,950 levels in terms of upward trend. If BTC achieves daily closings above $26,950, the next target for upward movement could be observed at $28,000.

However, it is important to keep in mind the significance of closing above $26,940 for Bitcoin to sustain its upward movement. Therefore, in order for the BTC price to continue its upward movement towards the target, it should maintain its closings above $25,800.

Short-Term BTC Analysis

Hourly BTC/USD Price Chart
Hourly BTC/USD Price Chart

When examining the hourly technical chart of Bitcoin, it can be seen that the price is moving above the $25,900 support. As long as BTC trades above the $25,900 level, it may aim to move its short-term upward trend towards the significant resistance zone of $26,300.

However, if the Bitcoin price closes below $25,900 on an hourly basis, the downward trend could extend to the support range of $25,700 – $25,600. If BTC manages to hold above the $25,600 support, it may have the potential to initiate a new upward trend.

If the Bitcoin price starts to rise from the mentioned support range, it may be possible to observe the target level of $26,994. However, in order to achieve this target, BTC needs to close above $26,300 on an hourly basis.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

XRP Surges Over 9%: Analysts Eye $2 Milestone Amid Altcoin Rally

This article explores the recent surge in XRP's value, surpassing the $0.64 threshold, and the optimistic projections by market analysts for its potential to reach $2, marking a significant milestone amid the altcoin rally.

Bitcoin BTC’s Resilience Shines as Over 1 Million Addresses Fuel Accumulation Surge

In a recent display of resilience, Bitcoin edges close to its all-time highs, buoyed by significant accumulation from over 1 million addresses and insights from leading analysts predicting a bullish market cycle.

Bitcoin Hits Local High with 97% of Addresses in Profit: A Look into HODLer Sentiments

In the wake of Bitcoin's surge to a new local high, an impressive 97% of BTC addresses are now in profit, reflecting robust market health. However, the cautious stance of long-term holders signals mixed market sentiments.

Bitcoin Cash Surges 40% Ahead of Halving and Jessica Upgrade!

In a remarkable 24-hour period, Bitcoin Cash (BCH) soared 40%, driven by anticipation for its halving event and the implementation of an adaptive block size limit algorithm, signaling strong investor confidence and a bullish outlook for the cryptocurrency.

Bitcoin Hits New 2024 High: 671,000 BTC Accumulated by Whales in Key Demand Zone

Bitcoin's impressive rally to a new 2024 high is underpinned by a massive accumulation of 671,000 BTC by one million addresses, highlighting strong investor confidence and setting a robust support level.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin BTC’s Resilience Shines as Over 1 Million Addresses Fuel Accumulation Surge

In a recent display of resilience, Bitcoin edges close to its all-time highs, buoyed by significant accumulation from over 1 million addresses and insights from leading analysts predicting a bullish market cycle.

Bitcoin Hits Local High with 97% of Addresses in Profit: A Look into HODLer Sentiments

In the wake of Bitcoin's surge to a new local high, an impressive 97% of BTC addresses are now in profit, reflecting robust market health. However, the cautious stance of long-term holders signals mixed market sentiments.

Bitcoin Cash Surges 40% Ahead of Halving and Jessica Upgrade!

In a remarkable 24-hour period, Bitcoin Cash (BCH) soared 40%, driven by anticipation for its halving event and the implementation of an adaptive block size limit algorithm, signaling strong investor confidence and a bullish outlook for the cryptocurrency.