Caleb Franzen, senior market analyst and strategist at Cubic Analytics, of bitcoin He shared his views on the direction in which he could move on Twitter. Francis, the greatest cryptocurrency He believes that the price of his unit is heading towards $14,000 and could drop further.
Analyst Announces Targeting $11,400 to $13,900 for Bitcoin Price
Franzen, who used to work as an analyst in the banking field and later moved to crypto analysis, shared a BTC chart where he highlights an area where Bitcoin is based on previous BTC lows that he thinks is currently moving forward.
Stating that this region functions as a “magnet for Bitcoin,” the analyst added that this means a target between $11,400 and $13,900 for BTC.
I still think that the teal box is a magnet for #Bitcoinimplying a target of $11.4k to $13.9k. pic.twitter.com/5V8wFgX759
— Caleb Franzen (@CalebFranzen) December 23, 2022
He explained that this target is the level at which Bitcoin price closed in December 2017, which is the peak of this cycle. Also, the same level acted as resistance at $13,900 exactly in 2019. According to the analyst, this has convinced him that the BTC price has set this level as a target. However, he acknowledges that this could happen and is not an exact prediction:
“I am confident about this target because it was the monthly close in December 2017, the peak of the previous cycle. This level also acted as an excellent resistance at $13.9k in 2019.
Will it definitely drop to this level? No.
Can it fall? It may fall.”
Bitcoin has been trading in the $16,800 range since December 14. That day, the US Federal Reserve announced another 50 basis point rate hike, this time meeting analysts’ expectations.
*Not investment advice.
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