Bitcoin Price Prediction – Bitcoin Heading To 30K, Here’s Why!

by James · July 29, 2022

It seems that the crypto market finally ended its consolidation phase. After the sharp crash since November 2021, cryptos are showing signs of a comeback. The cryptocurrency market has increased by more than 15% in the last 2 weeks and is looking for further growth. Bitcoin is one of those cryptos that managed to break the resistance area. What’s Next for Bitcoin? Will Bitcoin Reach $30,000? Let’s analyze in this Bitcoin price prediction article.

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The crypto market is finally UP

After the sharp crash, most cryptocurrencies started consolidating between their respective support and resistance. This sideways trend lasted for almost 1 month. However, the crypto market is back on track. The total crypto market capitalization went back over $1.1 trillion, again reaching a major milestone. Since Bitcoin has a current market dominance of 41.6%, Bitcoin’s current market cap is around $460 billion.

Now that the entire market is moving higher, it could be a good opportunity to re-enter the market. Many crypto investors sat on the sidelines waiting for the crash to end. Now that the consolidation broke, money is flowing back into the crypto market.

Bitcoin Price Prediction: Total Crypto Market Cap showing the uptrend in prices — **Figure 1** Total Crypto Market Cap – coinmarketcap

Bitcoin broke its strong resistance!

In a previous article, we talked about how Bitcoin was going to break the $22,500 resistance price. We also warned of a potential price correction lower back to $21,500 which is part of the same uptrend. This is exactly what happened. Since then, prices have corrected back to the same level and still higher to reach a current price of $23,900. Technical analysis works perfectly when the market usually follows a single direction. The crypto market today is simply recovering, so any price adjustment will come as part of a simple correction.

In Figure 2 below, we show the exact same chart that we showed earlier with the actual price action of Bitcoin.

BTC/USD 12-hour chart showing the rise of Bitcoin — **Fig.2** BTC/USD 12-hour chart showing the uptrend of Bitcoin – GoCharting

Bitcoin Price Prediction – Will Bitcoin Hit $30,000 Next?

It is obvious now that cryptos aim to mainly reach psychological price ranges. Not only is it part of human psychology to work with such numbers, but the media also pushes titles that include round numbers (just like this article 😉). Now that Bitcoin broke its strong resistance price of $22,500, the next target price would be the $27,500 price area. When it was broken again, the 30K price would be in sight.

We expect this to happen sometime in mid-August. However, strong price action has occurred in the past, sending prices higher faster.