Cryptocurrency market is in mixed emotions ahead of US inflation data and Ethereum Merge. While some analysts say that we are on the straight, sunny days are near, some say that dark clouds are waiting for us on the horizon. Analysts shared their predictions for the leading crypto Bitcoin (BTC).
“$40,000 possible for leading crypto”
cryptocoin.comAs you can follow, Bitcoin price has registered a strong rise. However, some analysts believe that if this momentum continues, Bitcoin could go to $40,000. Popular Finance senior analyst Jared Blikre wrote:
BTC is forming a pretty big bottom at around $20,000 with big upside targets of $30,000 and $40,000. There are tons of 2021 price memories, from $30,000 to $60,000. Momentum is key.
Bitcoin’s recent move north has given investors hope for a new upside move. On the other hand, $20,000 remains an important support on the downside. Although the BTC price plunged below last week, it did not stay there for long.
Are there dark clouds on the horizon for Bitcoin?
The crypto analyst who predicted the collapse of Bitcoin during the 2018 bear market warns that a similar type of meltdown for BTC may be on the horizon. Crypto analyst Tone Vays says that Bitcoin appears to be following the price action from May of this year, when it showed signs of recovery before finally breaking down. In this context, the analyst makes the following statement:
Right here (May 2022), the movement was down. Also, he seemed to be flirting on the upside. However, then it still crashed. And now, the same thing is happening. Same thing happened in the past.
Vays adds that Bitcoin’s current price action is also a reminder of BTC’s performance between July and November 2018. At the time, Vays predicted a break of the $6,000 support months before it happened. According to Vays, Bitcoin tends to confuse traders before making its big move. The analyst notes:
Bitcoin doesn’t do what it’s supposed to until it finally does. The obvious trade here is a big drop. But that doesn’t mean the big drop won’t happen next week or the next. That’s why I’m not at all interested in bullish trading at the moment. Because I saw this. The movie plays many times. Once you set $25,000 as the new floor, it will look promising to me. Then it will be interesting.
Looking at the analyst’s chart, he predicts a major drop near $11,900. This suggests that there is a downside risk of over 45% from BTC’s current price of $22,000.
“Bitcoin may be ‘bottom’”
Bitcoin rallied above $22,000 today, marking a steady shift in sentiment in the crypto market. Many experts in the industry are wondering if Bitcoin has reached the bottom due to the recent surge. In particular, crypto analyst Ali Martinez says there could be a ‘bottom’ for Bitcoin on September 12 after seeing the number of new daily addresses continue to rise as seen on the 7-day Moving Average (MA) chart. In this context, Martinez makes this statement:
The number of new daily BTC addresses on the network seems to be growing rapidly, hovering around 410,000 addresses per week.
Also, Martinez notes that a sustained climb above 415,000 BTC may be necessary to confirm the optimistic forecast.
“Maybe we’ll see $20,000 again if we’re patient”
In contrast, another crypto analyst, Altcoin Sherpa, is watching closely for signals that could signal Bitcoin’s pullback. The analyst draws attention to the following levels:
If we’re patient, maybe we’ll see $20,000 again. I would look for at least $20.5k, following closely the EMAs + lower timeframes.
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