4 Analysts Made Critical Bitcoin Predictions: Here are the Levels!

The significant activity of whales between $22,000 and $24,800 for Bitcoin adds to the complexity of the current spot market pattern. Bitcoin consolidated lower on August 9 after familiar resistance maintained its trading range for several months.

Bitcoin whales navigating the price ladder

cryptocoin.comAs you follow, Bitcoin’s $ 24,200 declined. It then dropped below the $24,000 level overnight. BTC saw rapid rises as the week started. However, momentum has waned as the top of the trading range approaches since mid-June. Therefore, the bulls failed to gain new ground. In fact, it did not reach the high levels seen at the end of July and the status quo continued. At press time, BTC was trading around $23,080, down 3.42% on a daily basis.

For Whalemap, the on-chain analytics resource, it was the realized price that currently sets key levels to overcome. Whalemap monitors the buying and selling of whales to create possible solid support and resistance zones. In a Twitter update on August 8, Whalemap highlighted the various prices at which the BTC supply has moved recently in total.

The accompanying chart has broken down the actual price by wallet size. It also showed at what price BTC belonging to certain whales last left his wallet. “Realized price bands are the most important thing that provides resistance for Bitcoin right now,” the Whalemap team said in accompanying comments:

Consolidation and a secure break above $24,825 should be the key to a continuation higher.

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Bitcoin realized price bands explanatory chart / Source: Whalemap

“A deeper retreat is possible”

Other support and resistance levels this week include the 100-day and 200-week moving averages (MAs), according to analysts. For popular trader Credible Crypto, a deeper pullback is possible. The analyst sees a drop as low as $23,360 without even breaking the lower timeframe trend.

Other trader Crypto Tony has a more optimistic view of the high range. As part of that, he adds, “Turning this turn into one more macro push support to send.”

Wednesday inflation figures did not move the markets

Meanwhile, potential volatility remained on the radar. Upcoming US inflation data tops the list of market triggers for investors to watch on Aug. US stocks showed little signs of concern on the first trading day of the week. However, the S&P 500 closed flat. Also, the Nasdaq Composite Index saw slight gains of 0.4%.

In a new analysis of the global macro, the popular Twitter account BTCfuel nevertheless voices its caution. He warns that losses in China could precede US copycat action, which will put new pressure on highly correlated crypto markets.

“Bitcoin is poised to give an incredible bull signal”

Veteran trader Tone Vays says that Bitcoin (BTC) is poised to light a signal that precedes BTC’s bottom in the 2018 and 2015 bear markets. Vays notes that he closely follows a certain indicator on Bitcoin’s monthly chart. Three weeks into August, the crypto trader states that Bitcoin’s momentum reversal indicator (MRI) on the monthly chart is historically poised to give a strong bullish signal. The analyst explains his views as follows:

I like the ascension structure here. This is the monthly Heikin-Ashi chart. I want to see a real MRI acquisition. Historically, these MRI acquisitions have been incredible. We had an excellent buying opportunity in 2018. Similarly in 2015. And if the bear market had been longer in 2013, I’m sure we could get one then too. And here it is: The third MRI purchase is coming in three weeks, unless the price goes up significantly. I hope so. But we’ll see.

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Traders rely on MRI to spot potential trend reversals while using the Heikin-Ashi chart to follow market trends. Vays also says that the bear market for Bitcoin is the bottom. In this context, the analyst makes the following assessment:

What we have right now is a candle to close above the 200-week moving average. And if it closes above the moving average, there will potentially be an entire candle above it. This is great. I believe it is still low. What level of trust? I’d say I’m about 65% sure we won’t go below $17,500.

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