After dropping below $27,000, the price of Bitcoin (BTC) has successfully recovered and surpassed the significant price level once again.
However, Bitcoin is encountering resistance in the vicinity of $27,600, and investors are eagerly anticipating a breakthrough above this level, which could trigger a rebound toward $29,000.
Taking these factors into consideration, on May 23, Finbold consulted Price Predictions, a cryptocurrency analytics and prediction platform that utilizes machine learning algorithms to gauge its price as we approach the middle of the year.
According to the platform’s latest data, Bitcoin is projected to reach $27,276 by June 1, 2023, a slight drop in price from its current trading price.
The algorithms employed by Price Predictions rely on various technical analysis (TA) indicators, such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), average true range (ATR), and Bollinger Bands (BB). By analyzing these TA indicators, the algorithms generate forecasts for Bitcoin’s future price movements.
Bitcoin price analysis
As of now, Bitcoin is being traded at $27,304, reflecting a 1.78% increase over the past 24 hours. However, it has experienced a slight 0.92% decrease in value over the course of the past week.
Bitcoin has established a support level at $26,371, which indicates a price point at which buying pressure is expected to outweigh selling pressure, potentially leading to a rebound in price.
On the other hand, it faces a resistance level of $27,806, which signifies a price point where selling pressure may outweigh buying pressure, potentially causing a temporary halt or reversal in price growth. The total market capitalization of Bitcoin stands at $529 billion.
Michaël van de Poppe, a prominent cryptocurrency analyst, shares insights on the current state of Bitcoin. He acknowledges the positive momentum displayed by Bitcoin yet highlights the persistent challenge of encountering resistance levels without successfully surpassing them.
Van de Poppe emphasizes the importance of Bitcoin maintaining a price level of $27,000 in order to pave the way for a breakthrough beyond $27,300, ultimately leading to a target of $29,000. He predicts that a notable acceleration in Bitcoin’s upward trajectory will materialize once the price surpasses $27,300.
BTC technical analysis
Meanwhile, the technical analysis over at TradingView suggests a bullish sentiment around BTC.
Indeed, according to the analysis, the one-day gauges indicate a ‘buy’ at 9, which is the summary of oscillators in the ‘buy’ zone at 2, and moving averages with a ‘buy’ at 7.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
