Bitcoin Price Prediction as BTC Price Hits Highest Level Since June 2022, Eyes $30K
The Bitcoin price jumped back into the $29,000s on Monday and, according to some exchanges, hit its highest level since June 2022 in the $29,300s (some exchanges had the BTC price remaining just below its February 24 high).
Though volumes remain lower than usual for a Monday given the closure of most major traditional asset markets in Europe and the Americas for the Easter holiday, Bitcoin is nonetheless on course to post its largest one-day gain in nearly two weeks.
At the time of writing, BTC was last changing hands in the $29,200s, up over 3% on the day with slightly over $18 billion having traded across major exchanges, as per CoinGecko data.
That means Bitcoin is up around 75% since the start of the year, making it one of the best-performing of all major assets this year.
In terms of what drove Monday’s rally, analysts were unable to agree on any one specific catalyst.
Some cited comments by the CEO of Coinbase on Twitter, who hinted the firm plans to integrate the Bitcoin lightning network into its exchange platform.
Others cited the news of Bitget’s announcement of a new $100 million Asia-focused web3 fund that could help boost the Asia adoption narrative in the coming months.
Meanwhile, some pointed to technical factors, with moves exacerbated by thin liquidity and market depth.
Prior to Monday’s move, the BTC price had been consolidating within the confines of a pennant structure that had been in play going all the way back to mid-March.
The catalyst for Monday’s price jump could well have been an upside break of this pennant structure.
Beyond a test of the prior annual highs in the $29,300s, the Bitcoin bulls’ next price target will be the psychologically important $30,000 level.
Positive technicals mean that Bitcoin
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