Analysts, who foretold the Bitcoin crashes of past years, say that the leading crypto could see further corrections. BTC’s failure to break the $26,400 resistance, coupled with tonight’s FOMC meeting, is forcing technical analysts to find new lows…
Bluntz says Bitcoin correction is not over yet
You can take a look at the analyst’s past accurate predictions from this article. Bluntz said in his current analysis that he expects Bitcoin to make a rapid bounce before returning to the downtrend. According to the analyst, Bitcoin’s bearish chart means more bad news for the crypto space. Bluntz had previously predicted that Bitcoin would fall as low as $24,000 in June.
The crypto analyst remains optimistic for the long-term, despite the short-term bearish trend in Bitcoin. Looking at the technical chart below, “As price action continues, it is likely to drop below $24,000. “A kind of sideways triangle is definitely forming on the four-hour chart, with the underlying trend now.”
Michaël van de Poppe drew attention to the levels that the Fed rate decision could lead to
Van de Poppe, popular on Twitter, drew attention to Bitcoin’s critical $26,400 resistance in his latest analysis. BTC could approach this level as high as $26,133.36. Poppe says that with the Fed’s interest rate decision, which will be announced at 21:00 tonight, we can see a decrease in the region of 24.5-25,000 dollars. Still, he mentioned that these levels would be a buying opportunity.
Bitcoin is currently trading at $25,969.36. It moved around -0.5% on the day. cryptocoin.com We have included the expectations for today’s FOMC meeting in this article.
Dave the Wave interprets MACD indicator as bullish
Foretelling Bitcoin’s May 2021 crash, Dave the Wave says that BTC is in a long-term bullish trend as the MACD indicator has risen above a level that previously marked the start of a new bull market.
According to their analysis, “There is currently a distance between the BTC monthly MACD and the signal line. In macro terms, reduced volatility is an increasingly stable price. Technically, on the longer time frame, the MACD is ready to go higher just below the zero line. Therefore, the outlook is bullish and the logarithmic growth curve is still in the buy zone.
How much do Bitcoin whales support the long-term view?
Both Dave the Wave and Bluntz outlined an optimistic scenario for the long-term outlook. In this direction, it will be important how much the whales will support the price with purchases. Glassnode’s new report shows that wallets holding less than 10 BTC continued to accumulate after the LUNA crash. According to the report, these individual investors increased their share of the BTC supply from 13.7% to 17.54% after this period.
Also, more interestingly, new investors of this caliber have been saving since the FTX bankruptcy. Among other factors, these data are an indication that individual demand is increasing. Bitcoin has also gained new use cases in 2023 with the BRC-20 in recent months. An NFT-driven token standard aids leading crypto adoption.
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