BTC has not had it easy this week. The world's largest cryptocurrency rose quietly in recent weeks, before collapsing when the decision around Bitcoin spot ETFs was postponed again. We are in a bear market, but what can we expect from Bitcoin in the short and long term?
The Bitcoin exchange rate currently stands at $25,849, down a lot from previous weeks. The price has fallen further in recent days, leaving sentiment within the market pessimistic. Many traders have their doubts. We dive into a price and technical analysis of Bitcoin below.
Bitcoin price analysis
Currently, the BTC price stands at $25,849 with a market cap of a whopping $503.59 billion. In the past 24 hours, $28.20 billion worth of Bitcoin has been traded, resulting in a volume/market cap ratio of 0.056. Bitcoin dominates the market with a rate of 48.07%. However, with high volatility of 5.04% and a Fear & Greed Index of 40, sentiment is predominantly bearish. Of the past 30 days, there were 11 green days, which partly shows where the predominantly bearish sentiment comes from.
Technical indicators
The 50-day Simple Moving Average (SMA) is at $27,815, while the 200-day SMA is at $27,602. This suggests that the Bitcoin price is currently below these averages, which is often seen as a bearish signal. The 14-day Relative Strength Index (RSI) is at 39.23, which is close to oversold territory. An RSI below 30 is often seen as oversold, which could indicate a possible reversal in the near future.
Bitcoin's short-term and long-term price forecasts
Although current sentiment is bearish, the long-term forecasts for Bitcoin are positive. For 2025, the Bitcoin price is predicted between $39,546 on the low side and $177,384 on the high side. This would represent a 586.29% increase from the current price if Bitcoin reaches the upper price target.
Looking at 2030, the BTC price is forecast between $154,971 on the low side and $279,838 on the high side. This would represent an impressive increase of 982.69% over the current price if Bitcoin reaches the upper price target. Despite the fact that the price is not doing well at the moment, it does highlight why it is important to have a long-term view.
Support and resistance levels
In the short term, there are some important levels to keep an eye on. The support levels are at $25,836, $25,778 and $25,739. These are price levels where the price is expected to find support and possibly reverse. On the other hand, resistance levels are at $25,932, $25,971 and $26,029. These are levels that are expected to find resistance and possibly hold the price back.
Although short-term indicators and current sentiment are bearish, long-term forecasts suggest a bright future for Bitcoin. For investors, this could be a good time to enter the market, given the lower prices and potential upside in the long term. However, as always with investments, especially in a volatile market like cryptocurrency, it is important to do thorough research and not invest money you cannot afford to lose.
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