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

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Tue, 19/07/2022 - 20:14
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.

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BTC
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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.
  

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