Bitcoin Loses Grip On $31,000 Handle: Experts Predict What To Expect

(CryptoTony believes Bitcoin will experience some shallow corrections in an upwards trend. @CryptoTony/Twitter)

The price of Bitcoin (BTC) has fallen from its previous high of $31,000, causing concern among investors about when the cryptocurrency will rebound. Market analysts have shared their predictions, with Michaël van de Poppe identifying a significant resistance level of $31,700-32,000 where he expects to see price highs soon. He also notes that although Bitcoin appears strong, it may experience minor corrections during its uptrend.

Different experts have different perspectives on Bitcoin's trajectory. CryptoTony advises traders not currently invested to be patient and observe how the market responds to potential support levels, while CryptoTommey believes that although BTC may briefly touch $32,000, it will most likely retest support levels of $25,000 or $28,000 to sustain bullish momentum.

Despite the differing opinions, Bitcoin has sparked investor greed once again as it surpassed $30,000. However, the fear and greed metrics indicate that greed becoming dominant could signal a potential price downturn and a selling opportunity, while fear prevailing may be a favorable time to buy and await future appreciation.

Nonetheless, the cryptocurrency market continues to be dynamic, with new trends such as falling trading volume for the BTC/USD pair since mid-March, indicating little market force to push the price higher. However, Bitcoin's price has not faltered, reaching its highest price in 10 months earlier in the week.