• Bitcoin (BTC) price bulls are trying to end the week above $23,000 into the Feb. 26 close as concerns heightened over stubborn resistance.
• Bloomberg Intelligence warned that $25,000 may stay in place as major resistance and trader Kaleo says that $30K is still a magnet.
• Crypto trader Altcoin Sherpa estimates it will take 4-6 weeks for Bitcoin to hit the $30,000 mark.
Bitcoin Bulls Aim to End Week Above $23K
Bitcoin (BTC) price bulls keep faith in reaching $30,000 and are seeking to end the week above $23,000 into the Feb. 26 close as concerns heightened over stubborn resistance. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching a high of $23,318 on the day, up from its weekend lows by around $600.
Bloomberg Analyst Warns of Possible Resistance at $25K
Despite this positive movement in price, Bloomberg Intelligence analyst Mike McGlone warned that Bitcoin might find major resistance at around the $25,000 mark. He commented that despite some recent bullish sentiment about Bitcoin’s prospects for 2021, “the trend remains downward” for now.
Positive Outlook From Traders
Not everyone was so downbeat on Bitcoin’s prospects though – popular trader Kaleo maintained that a move to reach the all-important figure of $30,000 remained possible this year and was still something of a ‘magnet’ for traders. Crypto trader Altcoin Sherpa estimated it would take between 4-6 weeks before we could expect to see such an increase in value if current market conditions remain stable.
The Importance of Monthly Close
The monthly close which takes place on Feb 26th is seen as an important event for any investor looking to assess current market trends in light of past data points – meaning any rally prior to this date could be critical for setting BTC prices up for further growth throughout 2021.