Bitcoin Price Suddenly Soars to Nearly $24,000. Is $28,000 Likely?

Tue, 07/19/2022 - 20:14

Bitcoin is up another 5.43% over the last 24 hours

Bitcoin Price Suddenly Soars to Nearly $24,000. Is $28,000 Likely?

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The price of Bitcoin, the world’s largest cryptocurrency, touched an intraday high of $23,684 earlier today on the Bitstamp exchange.

The flagship cryptocurrency has now added more than 23% over the past week.

Is $28,000 possible?

Mark Newton, global head of technical strategy at Fundstrat Global Advisors, is now confident that Bitcoin bottomed out at the $17,600 level.

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The momentum appears to be “positively sloped” in the near term. The analyst believes that the $25,320 level would be for regaining bullish sentiment.

In fact, Newton adds that the cryptocurrency could potentially reclaim the $28,000 level “before any backing and filling.”

Bitcoin is still down roughly 66% from its record peak, according to data provided by CoinGecko.

#Bitcoin Price Prediction

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.