Bitcoin Price Analysis: A Breakout Above $34k Is Coming

Hello and welcome to another blog post on the crypto currency market. The recent market conditions suggest that I was correct about the market before in my last blog post, you can check my previous article from here:

• The bull run has officially begun!

In this post, I will once again try to give some update about the BTC price for the upcoming weeks!

Quick Recap

In my previous article, I discussed the possible scenarios for Bitcoin’s price movement after it surged by nearly 24% in the last week of June and reached around $30k. I analyzed the charts and suggested that Bitcoin could either rise to $32k or drop to $25k again, depending on whether it could break above the resistance zone of $28k-31k or fall to the support line of $25k.

I also pointed out that the RSI indicator was very high and showing signs of a reversal, which made me lean towards the consolidation scenario. I predicted that Bitcoin would trade sideways in the resistance zone for a while before breaking out to the upside. I warned that the bearish case would happen if Bitcoin dropped below $28k, which could be our last opportunity to buy BTC at these low prices ever.

As we can see from the chart below, my prediction was somewhat accurate. In the last two months, Bitcoin tested the $32k level several times but failed to break above it. It has been fluctuating in the range of $28k-31k for most of the time, while the crypto market witnessed many events such as regulatory crackdowns, institutional adoption, and network upgrades.

What’s next for Bitcoin?

Currently, Bitcoin is trading around $28.5k. It has been consolidating in this range for almost eight weeks. At the time of writing this article, the daily RSI in BTC chart is about 34, which is the second lowest in this year and the lowest since March. This indicates that Bitcoin is oversold and due for a bounce.


I believe that BTC can make a big move upwards very soon. This time, BTC might break above $34k and reach up to $36-37k in a couple of days before retracing to $34k region again. This would confirm a bullish reversal pattern and signal a new uptrend for Bitcoin.

However, this scenario is not guaranteed and there are still risks involved. If Bitcoin fails to break above $34k or falls below $28k again, it could invalidate this bullish outlook and resume its downtrend. Therefore, traders should be cautious and use proper risk management techniques.

I hope you found this article helpful and informative. If you have any questions or feedback, please feel free to leave a comment below. Thank you for reading and happy trading! 😊

This is not a financial advice. We should be aware that the crypto market is still volatile and unpredictable, and that there are still many challenges and uncertainties ahead. Therefore, we should always do our own research, diversify our portfolio, manage our risk, and stay informed of the latest developments in the crypto industry.