Analyst says the technical picture looks good for bitcoin to break $30,000

CryptoPotato experts suggested that the bitcoin rate could change significantly amid the latest recession opinions. Analysts recalled a number of difficulties faced by American and European banks.

Due to the existing banking crisis, the number of negative forecasts has increased. For example, JP Morgan CEO Jamie Dimon believes that recent events can lead to a serious recession in the economy. According to him, it will not be like the 2008 crisis, but the recession will last for several years.

“The crisis is not over, and even when it is behind us, the repercussions will be felt for many years to come. But, importantly, recent events are not the same as those that accompanied the 2008 financial crisis. Then regional banks were practically not affected,” Dimon said.

CryptoPotato experts believe that if Dimon is right, the BTC rate can either rise significantly or fall sharply. This will depend on events that may affect the economy.

If the recession is “soft”, it will push the price of the first cryptocoin up. The US regulator may decide to cut rates to stimulate economic growth. And this will motivate investors to enter the crypto market.

Meanwhile, BitRiver financial analyst Vladislav Antonov believes that the technical picture looks favorable for bitcoin to overcome the $30,000 mark with a target in the $31,000 region. According to the expert, this is “an intermediate level from which sales can resume,” and “the main goal is in the region of $34,000.”

“Since March 23, trading volumes have fallen 5 times to 75,000 bitcoins per day. Oscillators and trend indicators unloaded to continue the rally. It is also worth noting that the longer the price stays in one place, the more nervous the buyers are, and the higher the probability of closing long positions,” Antonov said.

He also stressed that the level of $26,500–26,600 is the support.