{"id":124888,"date":"2023-07-20T05:07:58","date_gmt":"2023-07-20T05:07:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-price-prediction-as-new-macro-uptrend-begins-time-to-buy-btc-crypto-news\/"},"modified":"2023-07-20T05:08:01","modified_gmt":"2023-07-20T05:08:01","slug":"bitcoin-price-prediction-as-new-macro-uptrend-begins-time-to-buy-btc-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-prediction-as-new-macro-uptrend-begins-time-to-buy-btc-crypto-news\/","title":{"rendered":"Bitcoin Price Prediction As New Macro Uptrend Begins: Time To Buy BTC?\n – Crypto News"},"content":{"rendered":"

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The two most prominent cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are still sluggish, with the former pivoting around $30,000. Trading at $29,950, the BTC price remains unchanged over the last 24 hours, with the trading volume shrinking to $11 billion from $13 billion recorded on Wednesday.<\/p>\n

Bitcoin boasts $582 billion in market capitalization, with the digital asset’s cumulative losses in the last seven days amounting to 1.2%.<\/p>\n

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Bitcoin Price Moves In Tandem With Momentum And Narrative Traders<\/h2>\n

Apart from a select group of altcoins that have been rallying including XRP, XLM, ADA, and SOL, the crypto market is quiet and lethargic. These tokens are outperforming their peers as investors seek exposure following Ripple’s partial win in the long-standing legal battle<\/a> with the Securities and Exchange Commission (SEC).<\/p>\n

\u201cIn short, we’re seeing a return of investors that had previously been spooked by recent regulatory measures,\u201d Markus Levin, co-founder of XYO Network said in a written statement to CoinDesk.<\/p>\n

According to the managing partner of Web3 investment fund Generative Ventures, Lex Sokolin, the lethargy being witnessed is the cyclical nature of the largest crypto. He argues that Bitcoin price often experiences ‘run-ups’<\/a> in anticipation and response to the news, and then a sell-off once the positive news has been incorporated into the price.\u201d<\/p>\n

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\u201cBitcoin moves in cycles mainly due to momentum and narrative \u2013 \u201cthe market animal spirits,\u201d as Sokolin describes them.<\/p>\n

What’s Next As Bitcoin Price Lengthens Consolidation?<\/h2>\n

bitcoin price<\/a> is still doddering in the same rectangle pattern, with bulls presenting a valid case at $30,000. Although there have been dips below this level, they have not been significant enough to cause panic-selling among traders and investors who are still betting on a potential rally to $35,000 and $38,000.<\/p>\n

If declines ensue below $30,000, the 50-day Exponential Moving Average (EMA) would be the first support to confront the sellers. Some market watchers foresee a drop to $28,000, a support reinforced by the 100-day EMA (in blue), where Bitcoin price would sweep new liquidity for the much-awaited rally.<\/p>\n