Analyst Who Predicted 2020’s Bull Run Correctly: Bitcoin (BTC) Can See These Levels!

Analyst who correctly predicted bull run of late 2020 William Noble He said that 2023 could be a surprisingly good year for both crypto and stocks.

Famous Analyst Says Bitcoin (BTC) Is Ready To Rise To $ 56K As Nasdaq Comes Off The Bull Flag

Bitcoin (BTC) the highest level in the last six months, with an increase of approximately 50% in the first seven weeks of the year. Reached $24,900 and external forces such as sentiment in traditional markets largely supported this rise.

Recently, the crypto market and Wall Street’s tech-heavy Nasdaq index have become resilient to the US Federal Reserve’s concerns and the resulting increase in Treasury yields.

“Bitcoin is emerging from a long bottom formation. There is a saying that the bigger the base, the higher the rise,” said William Noble, research director at Emerging Assets Group and former analyst at Goldman Sachs and Morgan Stanley.

Correctly predicting the coin’s rise from $20,000 to $40,000 in late 2020, Noble said, “Bitcoin could have another parabolic move coming back from consolidation to $56,000.”

“Parabolic move” is a phrase often used to describe an expected impulsive rise with limited dips in the crypto market.

The widely followed momentum indicator relative strength index (RSI) diverged in the bullish direction on the weekly chart, confirming the end of the downtrend.

A bullish divergence in the RSI occurs when the indicator does not respond to the new low in price, as observed in November 2022. This is a sign that the bears are losing strength and the bulls are gaining strength.

Ethereum (ETH), the second largest cryptocurrency by market capitalization, has yet to emerge from an expanding triangle defined by trendlines connecting the highs of January 21 and February 2 and the lows recorded on January 25 and February 13.

According to Noble, a possible breakout could bring huge gains in Ethereum’s native token.

*Not investment advice.