On the weekly time frame chart of the technical Bitcoin chart, a double bottom pattern has formed. The bitcoin market is prone to shocks, and last week was no exception.
So, the biggest cryptocurrency of all was in a bearish mood and appeared to be a few days away from making a new lower low. A strong price gain, however, has altered the perspective from a technical standpoint. In this article, you will discover if bitcoin can reach $25,000 soon.
Is Bitcoin Mining Affecting its Price?
According to on-chain data, with its most recent increase—the second in two weeks—mining Bitcoin’s difficulty has reached an all-time high. At a block height of 753,984 hashes, the difficulty of mining bitcoin increased by 3.45%. Profitability for miners is decreasing due to bitcoin’s compressed value, recent drops in high CPI numbers, and a potential bottoming out as low as $10,000.
1.5 years ago China banned #Bitcoin mining. Today we have a new All-Time High in Hashrate.
You can't stop #Bitcoin. Time to accept that.#BTC #BTCUSDT #Bitcoin #bitcoinprice pic.twitter.com/qJ1jfE1hOh
— TradeDog | Crypto Market Research (@TradedogCrypto) September 14, 2022
So, the average hash rate is at 229.39 EH/s, which is not far from the record-breaking 231 EH/s. Despite concerns about profitability.
Bitcoin Price Prediction
Let’s take a look at the BTC price. If applied correctly, the double bottom pattern, which is typically observed near the market’s bottom, could lead to a large comeback. The $18K-$19K support zone appears to be the most crucial level for the bulls to retain. The market might fall to $15,000 if they don’t.
Also, the Fibonacci retracement indicator for the most recent bearish expansion move shows that the 61.8% level of the retracement is near the $22.5K resistance. For the price to continue the bullish advance, it must rise above the previously specified levels. The market structure on shorter time frames has shifted and is currently positive. The BTC must continue to support at $18,672 however.
Bitcoin Performance Outlook
At the time of writing this article, the bitcoin’s price is at $20,122.33 with a marketcap of $385.3 billion and a 24-hour trading volume of $38.4 billion. It decreased 70% from its ATH of $69,000 in November 2021.
ALTCOIN BUZZ – BINANCE – Get Up To $600* On Sign Up + Win a Share of $1,000
Become a Top Trader and win a share of $1,000!
– 5 traders with the highest trading volume will share $750
– 5 lucky draw winners will get $50 each
– Just open a new Binance account with our link and trade as much as you can between Sep 14 and Sep 28
Sign up using the links below on Binance Exchange and get the following benefits:
1) $100 Spot Trading Bonus*
2) 20% Trading Fee Discount For Life*
3) Plus $500 Unlockables*
If you already have a Binance account and want this deal, you might be able to create a new one with a different email address.
Sign-Up Links: Binance Global, Binance US
For more details visit the Binance Bonus Offer Page
*Terms & Conditions Apply
Disclosure: Altcoin Buzz may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners.
