The king cryptocurrency- Bitcoin- has been hovering around the $20,000 price level for two months.
Now, investors and traders are anxious to see whether Bitcoin will reach a higher level anytime soon.
While the global crypto market is all set to step into September, there is speculation about Bitcoin hitting $30,000. This was a price point put forward by several analysts a few weeks before as well before the bears came to power again.
At the moment, Bitcoin is changing hands at $20,819, with a drop of 0.45% in the last 24hrs.
One of the crypto analysts, CryptoYurii, believes that the present price movement of Bitcoin could be due to the Wyckoff pattern, which will push Bitcoin price towards $30,000 by September 2022.
This pattern is a technical indicator that suggests that there might be a bullish trend in the days to come.
Whenever there is a Wyckoff movement, the market witnesses an accumulation phase, which is promptly followed by a colossal breakout. Post that, the currency enters the distribution phase before submitting to the bears yet again.
A Spectrum Of Opinions
It’s noteworthy to note that the community forecasted a price of $36,668 by July 31 based on the aggregate of 28,319 opinions.
The industry’s forecast for August 31, 2022, is that the flagship currency will sell at $34,179, a $13,563 rise over the asset’s current valuation and a 65.79% gain.
On the contrary, the majority of 53 analysts in the crypto and Web3 sector predict that in 2022, the value of Bitcoin will fall to an annual bottom of $13,676 before actually rising to end the year 2022 at $25,473.
Even towards the close of 2022, fintech specialists are not optimistic about Bitcoin’s worth.
Only 29% of participants believe that the bear market could end in 2022, while 77% believe that the industry is currently experiencing a “crypto winter.”