A market analyst evaluating Bitcoin prices evaluated the conditions necessary for an uptrend in Bitcoin markets.
Evaluating the price of Bitcoin (BTC), a crypto analyst interpreted the average data over long-term movements and made a prediction on the price of Bitcoin. According to the analyst, for Bitcoin to rise, it needs to surpass some important levels.
Analyst and investor Rekt Capital, who shared a post on his Twitter account on September 29, stated that he saw signs of a recovery in Bitcoin price, but added that macro factors have not yet reached a sufficient level.
The analyst, who made a long-term price analysis, stated that the critical level is now $ 43,600. BTC/USD, which fell below the 21-day moving average value, stated that staying above $ 40,000 creates the need for a recovery in this parity, adding:
“Bitcoin price needs to climb towards the $43,600 level this week for it to regain bullish potential after falling below $40,000 last week.”
According to market data, BTC surpassed the level of $ 40,837 in the last 7-day average, and in this respect, it managed to rise above the 21-week moving average (MA). The analyst drew attention to the “Pi Cycle MA” indicator, which is calculated with the 11-day moving average data, and emphasized that the parity has touched this level and bounced up in the last week.
Looking at the short-term price action of the pair, it is seen that both the 50-day simple moving average (SMA) and the 20-day exponential moving average (EMA) data are trending down, and the relative strength index (RSI) is just below the midpoint. According to the analyst, the advantage now lies with the “bears”. At the time of this news, Bitcoin is trading at $ 42,200.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.