- Bitcoin price declined to $25,800 from the current high above $27,400.
- BTC could continue to soar in the $28,000-$30,000 range as the broader market sentiment improves.
- However, one analyst’s bitcoin price forecast suggests bad news for BTC if $27,600 becomes the new resistance level.
value of Bitcoin May 15, 2023 at 9:50 AM ET is $27,405, with BTC up 2% over the past 24 hours. 911.81. While bitcoin could still break above a key resistance level and target old support above $28,000, a popular crypto analyst says that failing to breach said supply wall could see the digital gold closely followed. May retrace to the observed support level.
Analyst Shares Bitcoin Price Prediction As Markets Surge New
However, the outlook for bitcoin still remains largely bullish, especially after the collapse of FTX by the crypto sector. However the current US regulatory environment remains a major concern for the ecosystem as well as the continued correlation with the stock market could prove to be another volatile trajectory for crypto prices.
According to crypto analyst Rekt Capital, if the current levels do not hold, the price of bitcoin could fall to the much-anticipated buffer zone of $25,000.
Although Share Market Looks set to profit as investors look to a debt ceiling deal and inflationary fears in corporate America subside, a drop in sentiment in both equities and crypto could send BTC below $25k.
Rekt thinks that the price of the leading crypto could drop to the $20,000 level. He Tweeted BTC/USD bounced off the $25,800 low in early Monday:
,Firstly, #BTC failed to retest the $28800 level on the weekly (orange). And then $BTC closed the week below $27600, failing to hold it as support (black). Turn $27600 into resistance and it may be able to correct further lower towards the low of $20,000,
Analyst Explains His Bitcoin Price Prediction in Second do,
,The problem with this #BTC bounce is that it is happening after a weekly close below black support. Such close to 1W is setting BTC up for further downside, especially if this rebound is a relief rally. Rejection at $27570 (black) will likely lead to further downside,” He mentioned.
below is the analyzer chart Highlighting price levels with potential downside downside beyond the multi-month support line.
Bitcoin price prediction on the weekly chart. Source: Rekt Capital on Twitter
On the upside, a major challenge will be near the $28,800 level. Consolidation is likely between $28k and $30k. Above this, there is a supply zone near $33,000.