Bitcoin Price Has Strong Potential To Hit $25,000, Weekly Analysis Suggests

Recently, the market has seen a strong correction due to the Bitcoin price bull run of the past several days. On December 7, 2020, the price hit a low of $19,030.09, which is considered to be a new all-time low. However, the appearance of a double bottom pattern has led to an optimistic outlook on this correction. Bitcoin can rebound, as is now more evident. Obviously, there will be some challenges along the way. The Bitcoin price present momentum is one of the cryptocurrency’s major challenges. The current momentum is merely reversing the past downward trends, thus it may not be enough to break through the $25,000 price level, according to latest analyses. Bitcoin Price: The Familiar Resistance Level Bitcoin’s price actually did reach $25,000 in late August, which is a significant milestone. Such a pattern indicates that the current market has the potential to and likely will attempt to break through resistance. Related Reading: Crypto Market Hasn’t Bottomed Yet, Analyst Says – More Pain Ahead? Chart: TradingView.com Looking at the range during the past four hours, it appears that BTC will be trading between $19,226 and $24,286 for the time being. This challenge is attributable to the traders’ pessimism in response to the most recent CPI report. The survey revealed an annual inflation rate of more than 8 percent. This bleak assessment could be followed by a 1% increase in interest rates. Therefore, the bulls...