Bitcoin price is still trending comfortably above the $23,000 level as it maintains its bullish trend. This has continued for a couple of weeks now, propelled forward by the newly adopted dovish stance of the United States Federal Reserve. However, not all investors have embraced this bullish trend as many still expect a decline in price for the digital asset.
Bitcoin Price Could Trade At $20,000 Soon
According to the Price Estimates feature on Coinmarketcap, a good number of investors are expecting a bearish reversal for the bitcoin price. Price Estimates is a feature on the data aggregator website that allows individual users to put in their price expectations and then gives an estimate of all of the predictions.
In the current round of forecasts, the bearish sentiment surrounding the digital asset seems to be heightened as the median estimations came out to a price of $20,000. If this plays out, then the price of bitcoin could reach this level by the end of February according to the Price Estimates feature. It would also be a 14.69% drop from the current price.
BTC price estimates puts it over 14% lower | Source: Coinmarketcap
Interestingly, the bearish expectations are not just limited to the month of February alone but span over the next five months. The median of 8,053 votes came out to a price estimate of $19,500 for the month of March, $18,426 across 5,294 votes for the month of April, $17,6660 across 3,617 votes for the month of May, and $18,555 across 2,161 votes for the month June.
Owe 34,000 votes have been collected in total by the Price Estimates feature and the estimation average came out to $20,203.57 across all of the votes. The median estimate was much worse at a price of $19,659.
BTC price recovers above $23,500 | Source: BTCUSD on TradingView.com
BTC Price Still Shows Strong Fundamentals
Presently, while there have been speculations that the current upward movement of bitcoin is a bull trap, the digital asset is still showing strong fundamentals which suggest the price may continue to rise. One of these is that cryptocurrency is still trading well above all important moving averages.
The digital asset has now established support right above $23,000 which means that the bulls are still well in control. The $24,000 may have been elusive but bitcoin still maintains enough momentum for a retest. In the last 24 hours, it has seen trading volumes above $29 billion. As long as the bulls can hold the bitcoin price above $23,000 going into the weekend, the possibility of a crash remains slim.
BTC is currently trading at just Aviv $23,400 at the time of this writing. It is down 1.53% in the last 24 hours but is seeing gains of 2.08% in the last seven days.
Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Forbes, chart from TradingView.com