Bitcoin Price Prediction as BTC Fast Approaches $29,000 Level – Here are Key Levels to Watch
As the price of bitcoin (BTC) fast approaches the $29,000 level, it is becoming increasingly clear that the world’s leading cryptocurrency is poised to undertake a strong run into the new year. BTC has been drawing sustained support from large institutional buyers, including PayPal, which recently announced it would support cryptocurrency payments.
At the time of writing, BTC is trading at $28,724. Sharp gains over the past few days have been driven by the surging demand for digital assets, as well asorospects for an upcoming wave of institutional investment.
Key resistance levels to watch in BTC’s rally toward $30,000 include $29,000, $30,000, and $31,000. If BTC breaches the $30,000 level, it could open the door for a move to $35,000.
Many analysts believe Bitcoin has the potential to reach new heights in 2021, given its rising adoption, sustained bullish momentum, and improving technicals. With that in mind, it isn’t too far-fetched to imagine BTC testing $50,000 in the near future. For investors looking to take advantage of BTC’s potential, it is important to note that price can be extremely volatile, so proper risk management should be taken when making crypto investments.