The analyst said that a big exit is on the way for Bitcoin. Traders liquidated $245 million worth of short positions.
Announcements that Bitcoin will be $ 160,000
A crypto analyst best known for calling the 2021 Bitcoin (BTC) crash thinks the king cryptocurrency is on its way to breaking the “diagonal of long-term resistance.” Analyst Dave the Wave tells his 132,600 Twitter followers that “a technical move over the next month or two” would likely be enough to break that resistance.
Dave the Wave also tells his followers to pay attention to the time Bitcoin spends below the weekly Gaussian channel. Gaussian channels are momentum indicators that can be used to identify price highs and lows.
BTC is trading at $17,195 at the time of writing. The top-ranked crypto-asset by market cap has increased by nearly 3% over the past week. Bitcoin is down 75% from its all-time high of $69,000, which it reached in November 2021. In late December, Dave the Wave said that the logarithmic growth curve (LGC) model showed that Bitcoin could rise to $160,000 by January 2025.
The relief rally is on its way
Alex Kruger, a popular crypto analyst on Twitter, said that exhausted sellers and weak liquidity are fueling a relief rally for smaller tokens. A sign of traders’ extremely bearish position prior to Monday’s price hike was the drop in funding rates for permanent Solana (SOL) swaps to a 1,000% annualized rate. Then SOL won 20% and nearly $15 million of the short bet was liquidated.
Historically, the rise of small-volume tokens and meme coins has been an ominous sign for market participants. Local tops for crypto prices would often precede a correction, as traders transfer their earnings from top digital assets to small projects and then launch them.
However, Kruger predicted that the price recovery in crypto would continue after the crypto market bottomed out, comparing current conditions to early 2019. But the stellar run for altcoins may end. “The phenomenal performance relative to BTC and ETH should go away as funding rates finally return to normal levels on Monday night,” Kruger said. said.
BTC activity before CPI
The data precedes the release of the latest CPI data, which will be released in Thursday’s pre-market session. Fed Chairman Jerome Powell is also expected to deliver a speech in Stockholm, Sweden, on Tuesday.
Michaël van de Poppe, Bitcoin rejects a significant level as Powell’s speech approaches. The analyst said that Bitcoin will likely move towards $17,100 before making a jump towards $17,500 for a ‘bearish trend’.
Justin Bennett says he has observed ‘nice stair step action’ in Bitcoin so far in 2023. The analyst pointed out that Bitcoin retested $16,700 last week and held above $16,900 over the weekend and is about to test $17,300.
Crypto rebounds continue
“Wall Street is pricing the Fed tightening and possibly lowering interest rates by the end of the year as one and all,” said Edward Moya, a senior market analyst at OANDA. “Cryptos are rebounding today, but BNB, Cardano, Solana, MATIC and Polkadot are easily outpacing Bitcoin and Ethereum,” Moya said. cryptocoin.com As we mentioned, SOL rose 11% to $16.43 in a 24-hour period at the time of writing.
Marcus Sotiriou, a market analyst at GlobalBlock, noted that Solana has performed well following the merger of the NFT community, following the exit of the two most valuable NFT projects (DeGods and Y00ts) that have moved to Ethereum and Polygon (MATIC), respectively.
“This demonstrates the resilience of the Solana NFT community and provides optimism for SOL token holders,” Sotiriou said. BONK, a meme coin, was airdropped to many Solana NFT communities except for DeGods and y00ts, increasing almost 50x within a week, further uniting the Solana NFT community.” said.
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