Bitcoin starts the week steady, in the $29,000 area

(Sharecast News) - Bitcoin starts the week with no major moves and continues to show low volatility. The cryptocurrency remains steady in the $29,000 area on Monday, a price consolidation that is seen as a positive sign for the rest of the market. Analysts present bullish projections for the second half of the year, despite the fact that the cryptocurrency's price has been stuck within the same range for weeks.

Specifically, Bitcoin is unable to overcome the resistance zone located at $31,500. Experts believe that the cryptocurrency should resume a bullish momentum and retake the $29,800 area as support. However, if this does not happen, they estimate that the price could return to the support level at $28,500.

Blockstream CEO, Adam Back, goes further. He believes that Bitcoin will surpass $100,000. However, we will have to wait until 2024 to see if he is right. To be precise, we will know before March 31 of next year.

In the meantime, analyst Cole Garner stated that Bitcoin´s price may turn "totally bullish" next month if this trend continues. "Whale accumulation trends are the backbone of a bull market," he added.

In other market news, Ether falls to $1,833, XRP drops to $0.61, Cardano retreats to $0.3, and Solana rises to $23.84.