Two leading cryptocurrency analysts announced critical levels for the leading cryptocurrency Bitcoin (BTC)! Here are the details…
Popular analyst: “Bitcoin metrics point to bullish!”
Tone Vays, one of the leading analysts in the cryptocurrency market, says in his new YouTube video that he expects Bitcoin (BTC) current low volatility consolidation period to be resolved with a strong breakout rally. He tells his followers that while the leading cryptocurrency Bitcoin is in the midst of a “boring” consolidation phase, signs pointing to an impending boom on the upside are flashing. According to Vays, the key moving averages (MAs) on the weekly chart are currently acting as support for the leading crypto. The words quoted by the analyst are as follows:
This consolidation is really boring but bullish. The moving averages continue to diverge… The 50-Week MA for BTC continues to drop, while the 200-Week MA is slowly rising and will continue to rise as it is above new candles.
Vays says he expects Bitcoin to show a golden cross on the weekly chart as the 20-week moving average looks poised to move above the 50-week moving average. In technical analysis, a golden cross occurs when a short-term moving average, such as the 20-week MA, crosses above a long-term moving average, such as the 50-week MA. Investors keep a close eye on golden moves as they can indicate an asset is in an uptrend. Analyst Vays also says that BTC’s Lucid SARs, a directional trend indicator, look good.
According to the experienced cryptocurrency analyst, he comments that Bitcoin will leave the consolidation within two weeks:
In a few days, we will have another 20-week to 50-week switch in BTC and the Lucid SARs look really nice. So we are still on the rise. Our forecasts are still 100% uptrend. Nothing scares us yet. I think next week or the week after that we’ll be up again.
cryptocoin.com As we have reported, the leading cryptocurrency is instantly traded at $ 28,316.62.
Analyst explains critical levels where BTC will experience an upside break
Another name in the analysis for BTC is Akash Grimath. Despite the excellent performance in Q1 2023, according to Grimath, BTC remains undecided about where it wants to go next. This week, however, things may change, resulting in a directional move soon.
Bitcoin (BTC) price has been consolidating in an ascending triangle since March 17. This technical formation features higher lows and equal highs connected by trendlines. The setup predicts a 7.6 percent rise, with the distance between the initial high and low swing added to the breakout point.
According to analyst Akash Grimath, there are two ways for a breakout for Bitcoin price to occur. The first is that BTC turned the $28,520 hurdle into a support base, triggering a move to $30,707. The second option is for Bitcoin price to sweep the hypotenuse of the triangle at $27,660 to collect sell stop liquidity. This move will liquidate the early bulls and trap the bears, creating a perfect capitulation mix. After such a liquidity move, BTC is likely to bounce back and break the $28,520 barrier, triggering a move towards $30,707.
While the bullish outlook makes sense for Bitcoin price, it could only come if the consolidation continues for a fourth week. On the other hand, BTC could reject the ascending triangle scenario and slide below the previous week’s low of $27,166.
The worst-case scenario would occur if bitcoin price makes a four-hour candlestick close below the $26,662 support level. This development will invalidate the bullish thesis for BTC and potentially trigger a dive towards the three-day breakout from $25,200 to $23,827, a long-term play as detailed in a previous post.
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