The price of bitcoin initially climbed as high as $21,000 before hitting resistance and retracing back to $20,000.
As of now it is necessary for Bitcoin to surpass its 200-week MA and at the very least settle down close to $22,000 so that it can be used as a support range.
The leading cryptocurrency was last trading at $21,283, up 3.49 percent from the day before, according to CoinMarketCap.
Will BTC Triple in Value?
By 2023, according to Mark Palmer, an analyst at BTIG, Bitcoin may more than triple from its present price to reach $95,000.
Analysts remain optimistic despite the decline in MicroStrategy Inc. shares this year.
Palmer sets a $950 share price objective for MSTR stock, more than five times the $170 closing price of MicroStrategy.
Bitcoin may reach an all-time high of close to $70,000 within a few months to two years, according to Binance CEO Changpeng Zhao in an interview with The Guardian.
Is BTC oversold? Is $13k the bottom?
The founder of SkyBridge, Anthony Scaramucci, stated on Thursday at the Collision conference in Toronto that Bitcoin (BTC) is “technically oversold” at the moment due to its rapid adoption into more and more industries and the exponential increase in wallet activity.
Bitcoin (BTC) fell by 84 percent and 85 percent, respectively, in 2013 and 2017, and analysts question if it will continue to face declines of that magnitude.
The price cutoff of $20,000 is still important. If it experiences a similar collapse this time, the price of Bitcoin might fall by almost $10,000.
Bitcoin might go as low as $13,000, which would be a decline of about 40% from its current price, according to Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research.
While the price of bitcoin climbed by 90 times and 20 times, respectively, in 2013 and 2017, the price only increased by 10 times in 2021.