Bitcoin (BTC) is trending bearish after hitting one-month highs around the latest macroeconomic data and policy update from the US. BTC, which saw about $ 18,370, is now giving back its gains. Analysts are sharing their predictions for where the next reversal will be.
Daan Crypto Trades: The market wants to eliminate everyone
cryptocoin.comAs you follow, Bitcoin (BTC) fell after Fed Chairman Jerome Powell’s hawkish speech. Popular analyst Daan Crypto Trades says that Bitcoin has reached up and down in terms of liquidity. The analyst emphasizes that Bitcoin’s low of $ 17,600 in June of this year is an important level for bulls. However, it took several hours for BTC to drop from here. Therefore, according to the analyst, it was clear that both longs and shorts could be penalized within a short period of time. In a later post, Daan records:
Jokes aside, the market is about to take everyone off both sides right now. It’s good to note all the unused highs and lows to see if the price might want to take it to the next level.
The unused liquidity in question rose to just over $17,000 at the time of writing. Also, $17,750 and above represented selling pressure. Meanwhile, the analyst previously marked $18,200 as an important level. He stated that this level needs to be turned into support for a sustained upside reversal.
Crypto Tony: Bitcoin will hit $ 17,300
Meanwhile, fellow analyst Crypto Tony says he assumes $17,300 will resurface within the day. Accordingly, the analyst makes the following statement:
Hedge short is doing well. Also, the stop-loss on my previous long of $17,300 in Bitcoin will hit today. I only took partial profits from this push. However, not too much. Not the best trade and not the worst either.
In another post, the analyst added that BTC should see additional buying interest for the new rise. There is much more bearish bias associated with BTC price action. This includes those of Crypto Capo, who still believes mass capitulation is yet to come. In the longer term, Crypto Tony also does not rule out a drop to $10,000.
“Bitcoin will explode quickly after breaking the big resistance”
Popular crypto analyst Michaël van de Poppe says that Bitcoin is likely to return to the $17,500 and $17,700 range after trading in the low $18,000s. From there, he notes that Bitcoin will rise, breaking the key $18,300 resistance. He also states that it will continue to rise rapidly. In this regard, the analyst says:
We experienced a decline from $17,500 to $17,700. This was the range you wanted to start buying from. We can see more. We returned to this range the moment we broke the critical resistance of the $18,300 area. Also, we’re probably starting to get over it pretty quickly. Then I’m definitely looking at the rest of the $21,000 here. Potentially even higher.
The analyst says Bitcoin could climb to $45,000 as market conditions are shaping up to look like when the cryptocurrency went on a bull rally in 2019. He expresses his predictions in this regard as follows:
We are entering a phase where we will most likely continue in risky assets. We are experiencing a bear market relief rally. As we saw in 2019, we are entering a phase. That’s why you can start building your portfolio and start accumulating more. So, if we get such a rally towards $35,000, $40,000, $45,000, I think it will exceed $30,000. This will actually give you an incredible opportunity.
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