Analysts Predict That The Best Time To Buy Bitcoin Will Be When The Price Rises Above $30,000.

Bitcoin’s price remains range-bound near the $23,000 mark. Traders are waiting for the price of Bitcoin (BTC) to fall in order to buy at lower levels and profit more. While traders argue on whether Bitcoin will continue to rise and reach $25K or fall to $21K, popular expert Michael van de Poppe previously predicted a drop to $21.5K before a rally.

Best Time to Buy Bitcoin

In a tweet on January 28, crypto expert Credible Crypto stated that Bitcoin has the potential for an upward rise and a continuation to the high $25K target.

However, as BTC price finds significant resistance near $23.2k, a move to $21.5K is expected. The monthly bullish breaking zone between $19.5K and $20.5K is the best place to buy. Traders who buy at this level stand to benefit significantly if the Bitcoin price rises above $30,000.

Crypto analyst Credible Crypto in a tweet on January 28 said that Bitcoin holds potential for an upside move and continuation to the upper $25K target.

However, a move to $21.5K is expected as BTC price faces strong resistance near $23.2k. The monthly bullish breaker between $19.5K and $20.5K is the ideal buy zone. Traders making a buy at this level can make significant profits when Bitcoin price reaches above $30K.

The heat map also corresponds to the monthly bullish breaker, which is located between $19.5K and $20.5K. As a result, traders are likely expecting Bitcoin to go below $20K before launching a huge rally above $30K.

According to crypto researcher Michael van de Poppe, BTC price is struggling to break above a critical barrier level of $23.1K. As a result, if Bitcoin continues to make lower highs, it will most likely test and sweep around $22.3K before continuing.

Bitcoin Price Drops Ahead of FOMC Meeting

BTC price has been trading sideways near $23K for the past 24 hours. The low and high for the day are $22,880 and $23,417, respectively. In addition, trading volume has dropped by 15% in the last 24 hours. As a result, after an almost 40% rally in January, traders’ excitement is waning at the moment.

According to Wall Street forecasts, the Federal Reserve will announce another 50 basis point rate hike. The CME FedWatch Tool, on the other hand, predicts a 98.2% chance of a 25 basis point rate hike.

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