Bitcoin Price Holding Around $23,400: Is It the Slow Way Back to Thursday’s High?

Bitcoin is holding steady at $23,400, raising speculation about the expected rally that many market experts had predicted. Follow along as we take a look at Bitcoin price performance and possible targets it could hit in the near future.

Bitcoin Price Holds Around $23,000 on Sunday

Bitcoin is almost where it was a week ago, hovering around $23,400 and being marginally volatile all week. The effects of the increase in the tax slab have not been apparent, as they have caused little to no movement in the price of Bitcoin; if not, confine it below the $25k price level.

The token’s price rally over the year has been quite similar to its historical performance, particularly the price surge over the weekend, known as the “wild weekend phenomenon” in the market.

If you’re not familiar with this phenomenon, wild weekends essentially mean that the price of Bitcoin will experience an uptrend every weekend; regardless of their performance throughout the week. Last Sunday, for example, Bitcoin was up 3.4% percent, while it was up more than 5.5% the previous weekend.

Multiple theories try to explain this fact, but the most convincing of them is an explanation that suggests that a lack of liquidity is the cause. Typically on weekends, Bitcoin’s liquidity is lower than on weekdays, making it very easy for investors to notice any major purchases made on-chain.

And as market behavior would say, retail investors feel positive about a coin being bought in bulk by whales or institutional investors and therefore also buy a stock for themselves. This causes a ripple effect in the buying pattern, where an increasing number of people buy a certain token, driving its price into an uptrend.

While this pattern has been consistent for the past several weeks, it does not guarantee that Bitcoin will go up this week as well. However, since Bitcoin is known to follow its historical price behavior, it doesn’t hurt to be bullish.

Will Bitcoin see a price drop in February?

Although the current outlook for Bitcoin remains positive, some market experts expect the token to land on another floor before venturing to the top. The relative strength index (RSI) for Bitcoin found a critical support level after it rallied from its January low.

While Bitcoin is not known to double bottom for the Relative Strength Index, a higher low for Bitcoin could still be in the offing. If this is true, Bitcoin can pull back a few hundred dollars, but it would very well be above the $23k level if you plan to hold the current RSI.

michael van depoppe, a popular crypto expert, shares the same perspective but has some relatively extreme predictions for Bitcoin. He believes that the $40k target for Bitcoin is not impossible given the current market scenario. But for that to happen, Bitcoin may have to go back above the $20k price level as that seems to be more sensible.

So far, Bitcoin bottomed out at $22,657 this week, rising as high as $24,167 on Thursday. The 24-hour trading volume for Bitcoin is $14.5 billion, which is a testament to the lower liquidity on the weekends as mentioned above.

$40k target in sight for Bitcoin?

The Bitcoin price did not show much optimism as investors were anticipating the US Non-Farm Payrolls announcement. But now that the numbers are out, thankfully much better than expected targets, Bitcoin saw a rally in the price of its previous fall.

Bitcoin crossed the $24k price target on Thursday, suggesting the next critical level at $25k, but it failed to hold quite well and fell rapidly from the top and is currently trading around $23.4k. However, this has not led to any questionable outlook for the token, as bulls continue to be bullish on the token’s current prospects.

Holding above the $23,000 level is crucial for Bitcoin, as can be understood from the Bitcoin Market Value to Realized Value (MVRV) indicator, which currently sits at 1.17. This value is considered safe for now, as long as it remains above the usual 1, observed about three weeks ago.

If the MVRV ratio falls below 1, it could signal the start of a bear market if it does not recover in a short period of time. Since the token is above this level, he does not conclude that investors are hoarding the token and we may hit a new high in the next few weeks.

On top of this, the S&P Index experienced a “golden cross” a few days ago, where the 50-day SMA crosses the 200-day SMA, represented by a cross. This suggests positive price action in the short term over the long term.

Bitcoin is expected to experience a similar bullish signal in a week or two, last seen in September 2021, suggesting that a bullish rally could be in store for the token. That being said, it is important to note that while a token starts to rally with a golden cross, it is not a definitive indicator of a token rallying.

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