Bitcoin price forecast: when will BTC break the $30,000 mark again?

Is Bitcoin a real mega market right now or is it not yet established? Many investors in the crypto market who are thinking about buying BTC are probably asking these questions now. The following Bitcoin price forecast analyzes the realistic scenario and when BTC/USD can break the $30,000 mark again.

Current Bitcoin price: further deep losses unlikely

The bitcoin price is currently in the $19,500 range. Is it cheap or quite expensive, especially new investors who don’t own Bitcoin yet and are now thinking about buying it on a crypto exchange. Of course, perspective plays a vital role in the answer. Anyone who bought Bitcoin between 2009 and 2017 could come to the conclusion that BTC is quite expensive right now.

Because if you look at the historical development of the BTC price, Bitcoin was quoted in the range of a few cents and a few dollars for a long time before the $ 1,000 mark was broken for the first time in early 2017 and the price reached the price. almost $20,000 by the end of the year.

However, a time machine has not been invented yet and it seems very likely that the Bitcoin price will fall back into the range of a few hundred or a few thousand dollars. So if you are not one of the first Bitcoin buyers who have made a fortune with your investment, you should not worry, but try to find the best time to start now.

Buy Bitcoin: Is $20,000 the New $5?

So if you choose a different perspective, it is clear that Bitcoin is currently as cheap as it was 2 years ago. The price has fallen more than 70 percent from its all-time high. So if you buy Bitcoin now instead of the all-time high rate in November 2021, you will get a huge discount of over 70 percent. Therefore, it can be argued without a doubt that now is a good time to invest in Bitcoin.

This statement should also agree with all early Bitcoin investors who are sure that sooner or later BTC / USD will rise to $100,000 or more. One of these bullish analysts and traders is Plan B. He predicted the six-figure mark as early as 2021 and is absolutely sure that there has not been an opportunity to buy Bitcoin this cheap for a long time. He backed this up in a recent tweet where he described a price of $20,000 in 2022 compared to 2012 as the new $5.

$20,000 is the new $4,000 (in 2018/19) and $250 (2015) and $5 (2012), we know what happens next pic.twitter.com/erk0pPE3nJ

— PlanB (@100trillionUSD) October 4, 2022

Apart from all the bullish statements regarding the price of Bitcoin, there are also some solid arguments that suggest that Bitcoin has (soon) bottomed out and could rise to $30,000 again in 2022.

Bitcoin Price: How Much Correction Is Still Realistic?

The market mark for the price of Bitcoin has been dragging on for almost a year now. Investors had to contend with a huge slide in prices. The price fell from $69,000 to below $18,000, which corresponds to a minus of almost 75 percent at the top.

If you compare the correction to the previous cycles, there doesn’t seem to be much correction potential left. The minus in the bear market of 2018 compared to the top of 2017 was about 85 percent. And between the high of the 2013 bull market and the low of 2015, it was a good 83 percent. If Bitcoin also follows its history in 2022, it seems that the bottom has almost been reached. Another 8-10 percent reduction in size would be very manageable compared to the correction that has already been made.

In addition, however, the market has changed significantly compared to previous cycles. Many institutional investors like MicroStrategy have pumped billions into the market. And the more capital a market has, the less volatile it is, compared to the much larger American stock markets. So far, these have “only” corrected a good 25 percent from the all-time high. This increases the likelihood that Bitcoin has already bottomed out.

Will Bitcoin hit $30,000 again in 2022?

Although Bitcoin is currently trading just below the $20,000 mark, there is a good chance that BTC/USD will reach the $30,000 mark again this year. This is supported by the fact that a major correction often follows such a powerful price explosion.

In the 2020/2021 bull market, Bitcoin only needed about 2 months to rise from $10,000 to $20,000. 100 percent pump. On the other hand, from the current level, BTC/USD would only need to rise by 50 percent to reach the $30,000 mark again. In the 2.5 months remaining until the end of the year, this price target is entirely achievable.

The technical analysis of the price of Bitcoin can also provide indications that a price increase to 30,000 dollars does not seem so far away. BTC/USD has been falling for almost a year now. This is a bullish chart pattern where a breakout to the upside is more likely than a correction to the downside.

This chart pattern is getting closer and closer to its end point and a decision must be made by the end of November at the latest. For Bitcoin buyers, this means that a huge pump or another crash for BTC USD can be expected next month at the latest. However, according to the technical analysis, the probability of the price increase is much higher.

Therefore, if Bitcoin breaks out of the chart pattern to the upside, it could result in a very supportive move that will take BTC/USD back above $30,000 within a short period of time.

An important indicator predicts Bitcoin bottom

Also, it is a key technical indicator that Bitcoin is already established in this bear market. This is the PI Cycle indicator. The Pi Cycle Bottom is a simple indicator based on two long-term moving averages: 471-day SMA and 150-day EMA. The signal lights up when the second falls under the first. Historical analysis shows that such a crossing has occurred three times in BTC’s trading history so far.

So far, the PI Cycle indicator has always correctly predicted the bottom in the previous bear markets. As early as July 2022, the indicator gave a signal to buy Bitcoin. Since then, BTC/USD has not made a lower price. If the indicator is right again, a trend reversal in Bitcoin price can be expected soon.

Investors looking to buy Bitcoin now may have a good chance to enter the market cheaply using the dollar cost averaging method. Investments are made regularly and a larger site is slowly built with an average price.