Bitcoin Price Prediction As Bears Keep BTC Below $30,000 – Where Is BTC Going? -TGN

Amid continued market swings, the outlook is ahead Bitcoin (BTC) remains a subject of intense speculation.

As the bears apply pressure and keep the price below the critical USD 30,000 level, traders and investors are closely watching the next possible moves.

With market dynamics at play, BTC’s future trajectory remains uncertain.

Amidst these developments, however, it’s worth noting that the SEC’s recent appeal regarding Ripple’s XRP decision is not seen as a “setback,” according to insights from a crypto lawyer.

As we delve deeper into the analysis, we want to shed light on the possible scenarios and factors that could influence BTC’s next moves.

Ripple XRP’s Legal Triumph Unfazed by SEC Appeal, Says Crypto Lawyer

According to cryptocurrency lawyer John Deaton, the recent appeal filed by the Securities and Exchange Commission (SEC) in its lawsuit against Ripple Labs does not constitute a serious setback to Ripple’s legal victory.

Since 2020, when the SEC accused Ripple of conducting unregistered securities offerings and raising $1.3 billion, the company has been embroiled in a legal battle with the regulator.

SEC Chairman Gary Gensler expressed disappointment with certain aspects of the ruling, which could have far-reaching implications for other tokens under regulatory scrutiny.

Deaton believes the 2nd Circuit’s ruling will likely not be made for another two years. Until then, the “Torres Decree” remains the applicable law.

In a tweet, Deaton stressed that the call would create greater challenges for the SEC.

He noted that compared to proving a joint business relationship under the Howey test, proving profit expectation from the efforts of others is significantly more difficult for the SEC.

This statement from Deaton helped limit further losses in BTC value on Monday.

Bitcoin price prediction

BTC/USD technical analysis indicates that Bitcoin is currently undergoing a bearish correction, with the price falling towards the USD 28,900 level.

This drop broke the narrow trading range we discussed during the Asian session, which was between $31,400 and $29,600.

The break below the $29,600 level has added further selling pressure, potentially driving Bitcoin’s price down to the $28,000 level.

If the bearish momentum continues, there is a possibility of Bitcoin dropping even further and reaching the USD 27,700 level.

On the upside, a bullish breakout above the USD 29,500 level could open the door for Bitcoin to move towards the USD 30,300 level. If this bullish momentum continues, Bitcoin could target the USD 31,150 level.

It is important for traders to keep a close eye on these key levels to gauge the potential price movements and make informed trading decisions.

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