According to trader Jordan Lindsey, the crucial $30,000 level may determine whether Bitcoin recovers and makes a breakthrough. Recent tweets from Lindsey included the following: “Looks like a break above $30k is the key to any breakout being confirmed and the next leg up on Bitcoin.”
This comes after several analysts noted the popular cryptocurrency’s durability even after a drop below $25,000.
The opinions of others in the bitcoin world coincide with Lindsey’s. Crypto expert Josh Rager stated on Twitter that despite a collapse in equities, Bitcoin’s risk-to-reward (R/R) ratio would still be attractive given its low of $25,000 and high potential for growth of $30,000.
This perspective is consistent with Lindsey’s assertion that the $30,000 mark represents a turning point in Bitcoin’s upward momentum.
The Bitcoin halving event is less than a year away, and Glassnode’s “Week Onchain Newsletter” suggests that “apathy” is the general market tone. It also points out that “HODLers”—those who are keeping onto their Bitcoin assets with no intention of selling them—continue to steadily amass. This pattern could point to a build-up of market potential energy with the potential for considerable movement when crossing the $30,000 barrier.
The enormous leverage on the futures market and the present amount of outflows of Bitcoin from the spot market, according to CryptoQuant, raise the prospect of severe price volatility on the cryptocurrency.
Santiment also notes a rise in the amount of “age consumed” for Bitcoin, pointing to a potential price hike if stationary addresses start to transfer their holdings.
Given these many causes, the $30K level is still in the spotlight and may pave the way for Bitcoin’s next big rise. The most valuable cryptocurrency is being traded slightly around the $27,000 mark.
