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7 December 2023
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Bitcoin Cracks USD 28,400 – BTC Hits USD 30,000 This Week?

  • Bitcoin hit the $ 28,400 mark yesterday, but then showed a sharp correction to $ 25,700.
  • Experts expect the share price to rise further to USD 30,000, but then expect a correction that could last for several weeks.

Bitcoin has continued the upward trend of the past few weeks and rose to a new historic all-time high of $ 28,422 yesterday. This was followed by a correction to USD 25,700. However, BTC was able to recover at the time of writing and is now at USD 27,130. The price has thus recorded a minus of 2.33% within the last 24 hours. Market capitalization is $ 503 billion.

Blockroots founder and Bitcoin trader Josh Rager explains that the price increase of Bitcoin is slowly becoming parabolic and therefore too fast and unnatural. In his opinion, Bitcoin can reach the USD 30,000 mark in a timely manner, but this will likely be followed by an extensive correction over several weeks, at least this would be healthy for Bitcoin and the crypto market.

Other analysts such as ” CRYPTO₿IRB” are also forecasting that Bitcoin can even crack the USD 30,000 mark by the end of this year. However, traders should be careful as volatility is currently higher than ever before and a correction of several thousand USD per day is no longer uncommon. But the analyst also explains that the current phase offers great profit opportunities for day traders.

“Big Chonis Trading” shows on an annual chart that Bitcoin has to close above the USD 26,968 mark by the end of the year, and BTC then has “all options” open. He is also bullish for Bitcoin, but he too expects a detailed correction after Bitcoin tested the USD 30,000 mark. Should Bitcoin continue to rise, it would be too steep a rise, putting the market in an overbought zone.

Due to the enormous price increase of Bitcoin from USD 23,500 to more than USD 27,000, the Chicago Mercantile Exchange (CME) created the largest “CME gap” of all time, which is why trading was paused. These price gaps arise when the closing price is significantly higher or lower than the opening price before a weekend or public holiday. The CME gap of the last few days is the largest in the history of Bitcoin and could be closed soon.

The gaps have almost always been closed in the past, so it is likely that a correction could follow in the next few days to close the gap. However, whether this will happen soon or whether it will become part of the extensive correction after testing the USD 30,000 mark remains to be seen.

Donald Trump releases the stimulus package

After Trump last vetoed the stimulus package, he gave his OK a few hours ago, paving the way for another stimulus for the Bitcoin course . The new aid package releases fresh capital for private investors and companies, which investors could use to invest in BTC .


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