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.
— 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.
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