The post Bitcoin Price Analysis: $20k or $34k? Michael Kramer Predicts What’s Next For BTC Price appeared first on Coinpedia Fintech News
After a bearish start to May, the Bitcoin price showed signs of recovery, closing the previous week with a Doji candlestick pattern. This pattern suggests increased buying pressure and potential market turnaround.
Intensified regulatory scrutiny in the United States has led to a decrease in Bitcoin liquidity, with miners selling off their holdings. This factor contributes to heightened volatility in the cryptocurrency market and fosters an atmosphere of speculation.
Top Crypto Exchanges Witness Increase in Bitcoin Balance
Prominent centralized cryptocurrency exchanges have experienced a rise in their Bitcoin balances over the past week. This trend is often associated with bearish sentiments, indicating potential downward pressure on Bitcoin’s price.
Glassnode Insights Point to Impending Bitcoin Volatility
Glassnode, an on-chain insight platform, highlights historical data suggesting the likelihood of intensified Bitcoin volatility in the near future. Recent consolidation within a tight price range, comparable to previous market-moving periods, supports this prediction.
Increasing Interest From BTC Holders
Amidst the consolidation, both long-term and short-term Bitcoin holders have shown increased accumulation. This indicates a growing interest in cryptocurrency and potentially influences future market movements.
Related: Bitcoin (BTC) Price Might Hit $38K By June End, But There’s a Catch
Bitcoin Technical Analysis
While the 50 and 200 MAs indicate pressure on Bitcoin’s price, with a death cross formation, the 200 MA has previously acted as a support level. However, a head and shoulder price pattern identified by analyst Michael J Kramer suggests the possibility of further capitulation if current levels are not maintained.
Potential Decline On The Horizon
Kramer expresses concern over Bitcoin’s future, predicting a potential decline to $20,000. This outlook is seen as bearish for the stock market. Nevertheless, he notes the possibility of a temporary support level of around $25,000 that could provide some relief for Bitcoin bulls.