Cryptocurrency experts name factors that will help bitcoin grow

Bitcoin failed to consolidate last week’s rebound, casting doubt on the possibility of a trend reversal that began two weeks ago. To confirm the bullish trend, a breakout of the downward resistance line on the daily timeframe will be required, analysts said.

As for whether bitcoin will be able to break above the resistance zone, technical analysis of the daily timeframe also gives conflicting signals. On the one hand, the price recovered above the $ 25,600 horizontal area after breaking below it on September 11. On the other hand, the price failed to break through the downward resistance line, which originates from the annual high, bouncing off it on September 19.

The nearest support on the daily timeframe is at $ 25,600, which is 3% lower than the current price. The resistance area is 12% higher than the current price at $ 29,250. Thus, in the short term, the dynamics of BTC $95,907.28 Bitcoin -0.21% Market capitalization $1.9 trillion VOL. 24 hours $2.26 billion will be determined by whether the price breaks through the downward resistance line or falls below the $ 25,600 area.

In the event of a bullish breakout, at least 10% growth to $ 29,250 is expected. On the other hand, a drop below $ 25,600 could lead to a downward movement towards $ 24,800.

The world’s most famous chatbot has predicted that BTC will reach $ 5 million by 2050. If bitcoin fails to take deep roots in the community due to bureaucratic obstacles, technical limitations, and other negative factors, the digital asset will cost from $ 20,000 to $ 500,000 in 2050, ChatGPT noted.