Bitcoin (BTC) remains the most watched digital currency in the crypto ecosystem as its price action has shown little signs of intrigue in the past few weeks. With a very close trading range observed thus far, a top analyst, known as CrediBULL has highlighted what we may expect from the price of the digital currency in the coming week.
The BTC Price Outlook
Bitcoin is currently changing hands at a price of $29,368.16 as it is currently paring off the losses acquired over the past 24 hours. Overall, BTC price has maintained a slim gain in the past week, drawing on the accumulated gain of 2.3% in the time under review.
To CrediBULL, there is a high possibility that the BTC price will retest the 28,700 to 29,000 price range in the short term. This range, if tested, he believes will hold and not fuel an additional drawdown provided the bottom is in. According to the analyst, failure to hold this price range will be a sign that there is a need for more selloffs to counterbalance the impulsive buying that we have seen in recent times.
I think we test 28.7k-29k at some point. If bottom is in, it should hold. If we lose it, one more flush down as per my last tweet (quoted).
Ideally would like to see some liq taken above before we test GREEN.
— CrediBULL Crypto (@CredibleCrypto) August 13, 2023
The analyst believe it is better to pick up a slump at this price point before we usher in another bull run. This is because corrections are a crucial part of every bull run and whether we welcome one in now or later, nothing will change the status quo.
Thus far this year, Bitcoin has not beaten the Year-to-Date (YTD) high of $31,474 and this remains a crucial level to watch in the coming week.
The Fundamentals Sustaining BTC
The resilience of Bitcoin thus far this year is a function of its broad fundamentals. The US missed the approval of Ark Invests spot Bitcoin ETF approval from the SEC as the long-awaited decision was delayed yet again.
Many industry experts have tipped the spot BTC ETF approval as the major push that may help trigger the massive upsurge that may push the price of the premier digital currency beyond the $32,000 price resistance it has battled with since the start of the year.
In all, Bitcoin’s resurgence is now more of a matter of when, and not if.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.