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Bitcoin Price Continues to Trade Sideways at $22K, Will Current Support Hold?

After peaking at $24k last week, Bitcoin’s price continues to trade sideways at the $22k level. While the market momentum is slowing down, BTC and ETH prices remain steady. The global cryptocurrency market cap is still above the $1 trillion level, signaling a potential upcoming bullish rally next week.

Key Points:

  • Bitcoin price manages to stay above water at the $22k level.
  • The global cryptocurrency market capitalization remains above $1 trillion.
  • Ethereum continues to perform exceptionally well, remaining above $1,600.
  • Long-term sentiment for BTC remains highly bullish despite short-term market volatility.

Will Bitcoin Price Hold at the Current Support Level?

The 24-hour trading volume for BTC fell by 17% on Sunday, currently at $25.5 billion. With losing market momentum and a significantly declining trading volume, will Bitcoin hold current support levels next week?

With earnings quarter upon us, companies that meet quarterly revenue milestones will get rewarded in the stock market. If tech stocks show a significant rise next week, Bitcoin is sure to follow. However, if reports reveal that tech giants struggled in Q2 2022, it will cause a bearish cascade effect for Bitcoin and other cryptocurrencies.

Moreover, the global cryptocurrency market cap must stay above $1 trillion for Bitcoin to remain above the current support levels. The current global crypto market capitalization is at $1.046 trillion, with only a $46 billion cushion holding it above $1 trillion.

Ethereum continues to perform well even after last week’s EthCC conference, as ETH remains above $1,600, showing price growth of over 5% in the past 24 hours.

Bitcoin Price Prediction

The long-term outlook for crypto assets remains highly bullish, with analysts predicting a surge in crypto prices in 2025 and 2030. According to Finder.com’s latest Bitcoin price report, after polling 53 fintech specialists, the report revealed highly bullish BTC price predictions.

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According to the panel of cryptocurrency and web3 industry specialists, BTC will bottom out at $13.6k before ending the year above $25k. For longer-term predictions, Bitcoin’s price is predicted to surpass $100k by 2025 and $314k by 2030, with some predicting a BTC price above $400k by 2030.

While these figures may seem absurd, cryptocurrencies have outperformed the stock market several years in a row, and a $100k Bitcoin by 2025 isn’t all that unlikely.

Meanwhile, the short-term fluctuations and volatility in crypto markets could provide an excellent opportunity to accumulate undervalued projects for a long-term holding of 1+ years. During a bear market, it’s important not to let minimal bull runs turn fear into greed and buy into a position. One rule when it comes to investing is that if you feel rushed to buy an asset, it’s not the right time to invest.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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Image Source: nexusplexus/123RF

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

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Mark Arguinbaev
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