Bitcoin
Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish
- Bitcoin price trades above the $27,086 support level after bears failed to trigger a breakdown for the last three weeks.
- BTC bulls have an opportunity to kick-start a short-term upswing by flipping the $28,051 hurdle into a support floor.
- A daily candlestick close below $27,086 that decisively flips it into a resistance level will invalidate the bullish thesis.
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
Bitcoin price to rally in the short term
Bitcoin price has recovered above the $28,086 support level and has triggered a resurgence of buyers. As a result, BTC bulls seem to be back in play, which could catalyze a minor upswing to the next critical hurdle at $28,051.
If Bitcoin price manages to overcome this barrier, it will likely collect the sell-side liquidity resting above the swing highs formed between April 26 and May 5. The upside could be limited to the $30,287 blockade.
In total, Bitcoin price could experience a nearly 12% rally in the coming days from the current price of $27,075.
BTC/USDT 12-hour chart
BTC’s long-term outlook remains clouded
Despite the above scenario suggesting a bullish outlook, investors should be cautious since the long-term bias for Bitcoin price remains ambiguous. Additionally, the upswing previously described will have to retest the weekly Bearish Breaker noted in previous articles.
Once Bitcoin reaches the $30,000 psychological level, it could retest the $35,260 hurdle and extend up to $41,273 if the right catalyst is present. On the other hand, if bears continue to pressure holders, BTC could fall back to $25,205 and $24,300 support levels in the short term.
In the long run, if Bitcoin price loses the aforementioned footholds, a retest of the $17,605 barrier seems plausible.
BTC/USDT 1-week chart
Concluding thoughts
While the big picture for Bitcoin price seems confusing, investors should focus only on the short-term and take it one step at a time.
At present, the short-term bullish outlook is likely to result in a roughly 12% upside that could potentially reach $30,000 psychological level. After this retest, depending on how BTC holds up, traders should take their next course of action.
The critical levels to watch for long-term BTC holders are the $35,260 and $41,273 to the upside. To the downside, key support levels include $25,205, $24,300 and in a dire case, $17,605.
