bitcoin The price gained more than 10% on Thursday night after its weekly low of $34,300. world’s largest cryptocurrency It climbed up to $39,800 during the day.
In addition, after the gold price rose above $2,000 and the price of oil above $100, it turned its direction down.
So what predictions do crypto analysts have for Bitcoin’s short-term movements?
“Critical Resistance For Bitcoin Could Be At $39,600”
Scott Melker, nicknamed Wolf of All Streets, said in his analysis shared on Twitter:
“The outlook will become even more bullish if we manage to break through the strong resistance line in this area. In the short term, I think the $39,600 level is critical.”
Things will start to look far more bullish if we can break through this entire area of strong resistance.
$39,600 remains the key in the short term. pic.twitter.com/jxDJ7MMQ15
— The Wolf Of All Streets (@scottmelker) February 25, 2022
Another analyst, Crypto HornHairs, claimed that it is the last stronghold of BTC bears, considering the jump and the current situation on Thursday.
According to the analyst, the biggest obstacle to the climb to the $41,000-42,000 level may be the sellers’ defense of the $39,000 region:
“The $41,000-42,000 target can be reached if Monday’s peak is surpassed.”
$BTC #BTC last stand for bears here at Monday’s high before a chain of liquidity gets tapped overhead into the lower $40ks…
Acceptance above Monday’s high and you could punt a breakout long targeting $41-42k area pic.twitter.com/mmtM9DxyZY
— HornHairs 🌊 (@CryptoHornHairs) February 25, 2022
“BTC Shows Ascending Triangle Pattern”
Popular cryptocurrency analyst Rekt Capital said on Twitter that he thinks Bitcoin price is in the “very early stage” of an ascending triangle formation on its weekly chart.
According to the analyst, if the bulls manage to stay above the ascending trendline, the BTC price may continue to rise. The analyst said that he believes the BTC price can climb to $ 43,000 after this formation.
very early stage #BTC Ascending Triangle forming?
time will tell$BTC #Crypto #Bitcoin pic.twitter.com/oWy70p85B6
— Rekt Capital (@rektcapital) February 25, 2022
*Not investment advice.