In the past few weeks, Bitcoin’s price has been fluctuating between $30,000 and $31,400. However, on Monday, the cryptocurrency experienced a dip, pushing its value below the lower border to approximately $28,800. This resulted in over 90 percent of Bitcoin long traders being liquidated during early Asian markets on Tuesday. Despite this setback, many crypto traders believe that short-term bears are under control.
Bitcoin Price Analysis
Renowned cryptocurrency analyst, Captain Faibik, remains optimistic about the situation. He believes that the Bitcoin bulls are currently in control, but he also warns that challenges may persist, and further capitulation could occur in the coming days. According to the analyst’s prediction, Bitcoin’s next strong support level is expected to be around $24,700, followed by a potential rebound above $32,000 later this year.
A significant imbalance has been observed in the crypto-cash flow among various altcoins and Bitcoin itself. The inconsistent rise of some altcoins has contributed to this situation. The resistance/support level between $31,000 and $32,000 has proven to be intense for the bulls, further complicating the market dynamics.
Despite the recent dip, Captain Faibik remains bullish in the long term. He has issued a price prediction of $100,000 for Bitcoin in 2024. The much-anticipated bull run is expected to commence in November 2023, which could drive significant market activity. Additionally, Bitcoin dominance has dropped below 50 percent, potentially leading to further gains for altcoins like Dogecoin.
