James GordonAfter hitting a high of $30,000 earlier today, the price of Bitcoin has now dropped back to $25,000. The world’s first and leading cryptocurrency has been on a major rally since the beginning of the year, and critics have been predicting a crash for months. Now that the market has corrected, the question is whether the rally is over, or whether there is further upside potential?
The price of bitcoin has risen more than six percent on Monday and gained over $500 in less than an hour after falling to over $10,000 last week. The crypto-currency spiked to $10,800 after briefly dropping below $9,000 yesterday on Bitstamp.
Bitcoin (BTC) started the New Year off with a bang, rising to a high of $13,837 on January 4th, a gain of roughly $1,000 in just five days. However, the euphoria was short-lived. Within weeks, Bitcoin fell back to earth, where it remains today, trading at around $8,000. (Click here to read the rest of the intro to the article and see the graph) The Daily Dot covered the project in 2017, noting: “The bot’s creators say their ultimate goal is to make automated reporting a reality. They want their robot writer to write a story and have it published on a news site without any human interaction. And they say they
TL;DR Breakdown
- BTC found support at $30,000 yesterday.
- $42,000 resistance tested yesterday.
- BTC/USD moved sideways earlier today.
Today’s Bitcoin price prediction is bullish as the market currently consolidates and prepares a base from which to push higher over the remaining week. Cryptocurrency heat map. Source: Coin360 
The crypto market trades in the red over the last 24 hours. Bitcoin has managed to regain some of the losses seen earlier and trades with a small loss of 1.8 percent. Meanwhile, Ethereum trades with a loss of 8.9 percent, with the rest of the altcoin market posting similar results. BTC/USD opened at $36,735 after a very bearish close yesterday resulted in a strong lower low set at the $30,000 mark. Right now the Bitcoin price looks to regain some of the loss as it builds a base from which to move higher.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $30,681 – $40,738, indicating a good amount of volatility. Trading volume has increased by 87.65 percent and totals $131 billion over the last 24 hours. The total market cap stands at $752 billion, resulting in market dominance of 43.31 percent.
BTC/USD 4-hour chart – BTC tests $42,000, moves sideways for now
On the 4-hour chart, we can see BTC/USD testing the $42 support turned resistance for the first time with a rejection for further upside. BTC/USD 4-hour chart. Source: TradingView 
The overall market trades with a bearish momentum over the past week. After setting a new all-time high at $65,000, the market retraced 25 percent. From there, some recovery was seen as BTC/USD established resistance around the $59,000 mark. After several attempts to move higher, bears regained control and pushed the market 50 percent lower to the $30,000 support. Therefore, the Bitcoin price has likely exhausted its bearish momentum, and further downside is unlikely. Yesterday, we saw BTC/USD move to $42,000 and quickly reject further upside. Over the past hours, the market moved sideways as another base from which to move higher is set. The current BTC/USD price action should lead higher over the remainder of the week. Once the $42,000 resistance breaks, we expect further push higher to the $47,000 resistance. From there, the Bitcoin price action will likely attempt to set a higher low and try to reverse back to the upside over the next weeks. Currently, the best option is to wait for further Bitcoin price action development and a break above the $42,000 local resistance. If BTC fails to move above the $42,000 mark, we could see another push lower over the following days.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market moves sideways for the past hours, preparing a base from which to move higher over the next 24 hours. Once resistance at $42,000 breaks, we should see a lot more upside in the following days. While waiting for further Bitcoin price action development, read our latest articles on how to invest in Bitcoin, Bitcoin left to mine, and how to buy Bitcoin. Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.As predicted in last year’s post on the future of bitcoin , the price of bitcoin has “crashed” (more like a controlled burn) to about 20,000. The dip in price is due to the recent government crackdown on cryptocurrency exchanges in South Korea and China. The price of bitcoin was already near its peak for the year at around 28,000 after reaching a high of 29,000 on January 5. The price had soared about 1,900 percent over 2017.. Read more about bitcoin forecast 2021 and let us know what you think.
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James Gordon
