The most likely scenario: experts predict how Bitcoin will behave after crossing the $22k bar

The price of Bitcoin has passed $22k. Finally. According to CoinGecko, the asset has been up as much as 4% in the last 24 hours. That’s excellent news, especially after the coin fell below $19k on July 13 due to the publication of the U.S. inflation report. We hope it’s not a bull trap, but who knows, guys, who knows.

In addition, there is a chance that the first cryptocurrency will remain at the same level and, some analysts believe, will even rise higher. Here are their predictions. 

Will Bitcoin take off soon?

One of those who predicted a dramatic rise in Bitcoin over the next few months was an analyst named Kaleo. In his opinion, the rise of the coin is inevitable, with the asset rebounding to about $28k, then briefly dipping below $20k, followed by an increase to $30k. He said this was the most likely scenario. 

“I still believe the most likely outcome is a range between $20k and $30k through at least the next several months, so while a bounce from here might take us to around $30k, I don’t see it as anything to get over-excited about quite yet,” he said.

Many crypto community members believe that Bitcoin has already passed the bottom, and the cryptocurrency is only waiting for a rise. For example, a YouTuber Crypto Rover recorded a “triple bottom” pattern on the coin’s chart. In terms of tech analysis, its formation may indicate a trend reversal. In the case of Bitcoin, the “triple bottom” appearance can be considered the end of the fall and the coin’s entry into growth.

Crypto expert Stockmoney Lizards made another prediction. He plotted the possible path of Bitcoin’s movement by analyzing the coin’s behavior earlier. Thus, according to his calculations, BTC passed the bottom and is preparing to move into the growth phase.

Btw, what’s with Ethereum?

As for Ethereum, it is, too, already showing the sign of revival. The asset’s value increased by 13% over the weekend.

Back on Friday, July 15, the Ethereum rate began to show growth in the background of the news about the success of one of the last tests before the update of Ethereum 2.0. The price of the second most capitalized cryptocurrency crossed the $1.2 thousand mark on that day.

And while you’re waiting for things to get better, check this out: a Reddit users have estimated which projects could easily fall next in an ongoing crypto crash.