The leading cryptocurrency Bitcoin entered the consolidation phase in February after a good start to the year. In the market dominated by uncertainty, it is difficult to predict the next movement of BTC, which is currently circulating at $ 23.5 thousand. Analysts are trying to determine the direction of BTC and explain why.
This level is important for the continuation of the upward momentum in the market.
According to Jim Wyckoff, senior technical analyst at Kitco, the bulls still have the overall short-term technical advantage, but barely, as there is a price uptrend on Bitcoin (BTC)’s daily chart. If they want to stay in control, Wyckoff says the bulls need to show more strength soon to keep the uptrend alive and maintain their technical edge.
Analysts at Eight Global are giving more insight into the bullish scenario for Bitcoin. Analysts note that the BTC chart shows a series of equally highs at the top around $25,200.
Eight Global said, “These levels contain liquidity and it may be possible for the price to pull towards these levels. This is actually what needs to happen if we want to see the current resistance area become bullish. So, the scenario you would like to see is a break of resistance and a retest of a bullish retest in the same region could give us a push towards new highs.” On the bearish side of the equation, Eight Global highlights the ‘heavy resistance level in the form of a 4-hour supply area’ and says, “We have our turn to create lower highs and lower lows.”
Analysts conclude, “If we get more castings on the lower time frame, we will most likely go to at least $22,700 and if the downside momentum continues, then the region around $22,000 would make sense to find support.” According to veteran analyst Michaël van de Poppe, founder of Eight Global, the Bitcoin price level is $23,800, which will signal continued upward momentum in the market.
“Bitcoin boom comes after upcoming Fakeout”
The crypto analyst alias Kaleo is predicting a big breakout for Bitcoin after a quick retest of a lower price level. The analyst says the bears are falsely claiming that Bitcoin is bearish. Instead, he notes that Bitcoin only retested the $23,000 price before rising. In this context, the analyst makes the following statement:
The bears are using this LTF (Low Time Frame) retracement to convince you that we’re headed down, although it’s nothing more than a simple breakout/retest before continuing to push higher.
Kaleo predicts that Bitcoin will surpass the $30,000 price level. But he says it could drop below $20,000 first. He expresses his views on this matter as follows:
Well, I feel guilty for being incredibly one-sided lately for my LTF posts. I totally believe $30,000 is a magnet, but if the lows swept a few days ago, I could also see this kind of scenario playing out along the way.
The analyst says that the target price for Bitcoin remains at $40,000. Along those lines, “The most important thing I’ve overlooked since Bitcoin’s HTF (High Time Frame) boom is its impact on my LTF trend. “Whether the stops are triggered and we test the HTF trend once again around ~$20,000 or send it higher from here, the end target of $40,000 remains unchanged,” he says.
“Bitcoin is on track to make ‘biggest gains’”
Crypto analyst and host of InvestAnswers expects Bitcoin to rise over the next few weeks and months. The analyst says that Bitcoin typically records the biggest gains from April to June. In this context, the analyst notes:
We may get a positive April or May as we move forward. And again, like anything in any market, things take a breather but this is interesting. Also, if you look at the averages below, April has averaged 36% returns over Bitcoin’s history, only being beaten by November. Now the reason I’m emphasizing this is… because unless you buy in March, you can’t make a profit in April. If you’re not on the trend, you might miss it. And again, I just look at history and explain how things worked. But usually March is the best month to buy. Because in the next 60 to 90 days you will get the biggest profit.
According to the InvestAnswers chart, according to Bitcoin’s historical returns, April averaged 36% gains, and November averaged 38%. According to the analyst, the year that best compares to 2023 is 2019, and it delivered excellent returns for Bitcoin in the five months of the first half. On this subject, the analyst says:
If you try to find the equivalent of 2023, it will be 2019 and it will be a month behind. But if you imagine that February, March, April, May and June in 2019 are all positive. And it’s rare that you understand that these days. But it may be possible.
The analyst also says that the data shows that options traders expect the price of Bitcoin to increase in the next two to three months.
Why BTC bulls won’t be happy with the March price action!
According to crypto analyst Valdrin Tahiri, Bitcoin price could correct for the remainder of March after completing a long-term bullish move. The analyst explains this situation as follows. cryptocoin.comAs you can follow, the weekly chart for Bitcoin shows a bullish trend. There are several reasons for this.
First, the price broke out of a long-term descending resistance line that has been in effect since the all-time high. Second, BTC price retraced the $19,000 horizontal support area after deviating from gold earlier in June 2022. Third, the weekly RSI broke out of its descending resistance line and climbed above 50. Finally, Bitcoin price created a bullish candle that engulfed it for two weeks. before (green icon). Therefore, the most likely direction of the future move is an increase towards the $30,700 resistance area.
Despite the bullish outlook on the weekly timeframe, the daily chart price action is bearish. There are multiple reasons for this, notably the divergence above the $24,000 resistance area. Afterwards, Bitcoin price dropped below the zone and confirmed it as resistance. Next, the price seems to have completed a five-wave upward move (black). If so, BTC is currently either ABC (red) or five waves of downward movement (black). Both suggest that the price is likely to decline between the 0.382-0.618 Fib retracement support level at $19,217-21,582.
As the up move took a long time to complete, the price will likely correct for the whole of March and possibly even part of April. However, a rise above the yearly high of $25,250 could mean the upside will continue. In this case, highs near $27,000 can be expected.
As a result, the most likely Bitcoin price prediction for March is a drop to the 0.382-0.618 Fib retracement area at $19,217-21,582. This bearish Bitcoin price prediction will be invalidated by a rise above the yearly high of $25,424.
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