The Bitcoin price has risen above the $ 20,000 again in recent days and was able to stabilize after the massive losses. Previously, it looked like the Bitcoin was on an unstoppable crash. Can the Bitcoin price continue to stabilize and possibly rise above $ 30,000 again in the next few weeks?
In this article, we will discuss whether the Bitcoin price can rise above $ 30,000 again in the next few weeks.
What happened to the Bitcoin price in the last few weeks?
The Bitcoin price has fallen sharply in recent weeks. After breaking through the support at $35,000 in May, the Bitcoin price has been able to hold above $30,000 in recent weeks. In June, the Bitcoin price could not stay above this mark. A massive crash followed.
In mid-June, Bitcoin fell below $ 30,000. In the following days, we saw a massive price crash, which only stopped when the Bitcoin price fell below $ 20,000. The Bitcoin price even fell below the mark of a previous all-time high in the bull market in 2017, when the Bitcoin rose almost to $ 20,000.
What is the general course of the Bitcoin course in 2022?
In 2022, we have seen a clear downward trend in the Bitcoin price so far. In November 2021, the price was still at $ 68,000 and reached its all-time high. But already by the turn of the year, Bitcoin lost about 30% of its value and fell to $ 48,000.
In the following months in 2022, we saw the downward trend that continued. Bitcoin fell further, especially in January, before the price recovered slightly in March and April. After that, we saw the already mentioned brands fall at $ 35,000 and $ 30,000, so we saw further price crashes.
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Why did the Bitcoin price fall so sharply?
In particular, the increase in key interest rates by the US Central bank FED caused a bearish market. High inflation in the US and Europe put pressure on central banks to raise interest rates in order to combat the rising devaluation of money. However, this has the effect of making risk investments such as cryptocurrencies less attractive.
This strengthened the bear market, which, however, also occurred naturally over time. In the last cycles, we also saw the end of the bull markets towards the end of the respective year (2013, 2017). In the following years (2014, 2018) there was a massive drop in the price, which initiated the beginning of the bear market.
Can Bitcoin recover?
In the last days of June, we saw an increase in the Bitcoin price back above $ 20,000. This stopped the massive crash. The Bitcoin did not fall below the $18,000 mark. In the following days, we saw a price that was around the $ 20,000 mark.
Over the past few days, we have seen a clear recovery and an increase above the $ 21,000 mark. This brand could now last for a few days. Thus, we see a clear recovery and stabilization of the Bitcoin price over the past few days. A complete implosion of the course was thus averted.
Can BTC rise above $30,000 again soon?
The Bitcoin price could now see a rebound above $ 30,000. In recent years, we have repeatedly seen such recoveries after previously massive losses. Many investors could use the extremely low prices to buy the Bitcoin cheaply, which could trigger a short “bullrun”.
Alternatively, we could continue to move in the range between $20,000 and $25,000 in the next few weeks. The fear on the market remains high and the economic conditions with continuing inflation are still not ideal. However, support at under $20,000 seems to be so high that we should hardly fall below this mark.