According to a popular analyst, Bitcoin (BTC) price could reach $40,000 before seeing a ‘hard correction’. A widely followed crypto analyst explains his roadmap for a rally to an all-time high.
Bitcoin price drops with US stocks!
cryptocoin.comAs you follow, Bitcoin (BTC) has extended its decline. Bearish signals have already come for BTC after seeing it quickly rejected in its last attempt to turn $25,000 for support. Amid skepticism about whale movements on exchanges, monitoring resource Material Indicators concludes that the 200-week moving average (MA) at $25,100 should be support for Bitcoin to change its long-term trend.
“Until IMO sees full candles above 200 WMA, this is still distribution in a bear market rally and selling short at this level with the bid wall above $24,000 carries short-term risk as longing,” the Material Indicators shared. A chart accompanying the Binance order book shows liquidity approaching the spot price before the Wall Street open.
Meanwhile, Caleb Franzen, senior market analyst at Cubic Analytics, forecasts bearish specifically for the S&P 500. He also states that risk asset performance still puts pressure on crypto. “The S&P 500 is trading steadily below my $4,080 line in the sand,” the analyst summarizes, along with a daily chart.
Although the US Dollar Index (DXY) is widely inversely correlated with stocks and crypto, it also took a hit at the open and fell to 103.77 before rebounding.
“The highs and lows in the USD continued for much of February 103.82 as support in DXY, the current high-low,” says trader and government scientist James Stanley in part of his comment. Stanley also cites minutes from the Fed’s Federal Open Market Committee (FOMC) as a potential market catalyst. The minutes, due to be released on February 22, reflect the February FOMC meeting, which resulted in the Fed raising the policy rate by 25 basis points.
BTC price corrections ‘relatively shallow’
Meanwhile, taking an optimistic short-term view, analyst Michaël van de Poppe is confident that the current decline will be temporary. In this context, the analyst makes the following statement:
Markets are improving, which is great for people looking for entry points. We can go a little further down from here before we head back. Week of consolidation before continuing. The FOMC minutes will be released tomorrow. Remember, from an investment perspective, Bitcoin is still very cheap.
Van de Poppe’s chart analysis shows that BTC price action is moving within a narrowing wedge structure with a key support area stretching as high as $22,500.
The previous day, his long-term forecast required higher highs before a more significant correction, but this is still appropriate to take Bitcoin back to $20,000. Accordingly, the analyst notes:
Fixes continue to be relatively shallow. I think we will continue to run towards $35-40k before making a drastic correction. Maximize profits, start allocating USDT as you go up, buy the fix in the second half of 2023.
Roadmap to ATH level for Bitcoin
The widely followed crypto analyst, nicknamed Kaleo, explains the roadmap for a Bitcoin (BTC) rally to an all-time high. The analyst says that Bitcoin is poised for a parabolic surge to $40,000 by May this year. In this context, he says, “$30,000 is a magnet, but so is $40,000.”
Looking at the lower time frame, Kaleo thinks that Bitcoin could take the diagonal resistance to $30,000 and $40,000 in the coming days before a short pullback period to retest the diagonal resistance to support. To that end, he says, “This is a short-term roadmap with interpretation.”
As for his outlook in the coming months, Kaleo believes that once Bitcoin hits its $40,000 target, it will eventually witness a deep retracement period and return to $20,000 by the end of the year. Once the correction period is over, the analyst expects the leading crypto to officially launch a new bull market in early 2024 for the next Bitcoin halving, an event that reduces the reward for BTC miners by 50%. Kaleo thinks the bull market will push BTC to an all-time high in late 2024 or early 2025. He expresses his views on this matter as follows:
And here is your roadmap for the next halving that will soon hit all-time highs. It may seem so far away and it will feel like hell but it will all be in the blink of an eye.
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