A large cast of analysts, from Benjamin Cowen to Michaël van de Poppe, are talking about a critical buying zone as Bitcoin price holds volatility at $23,000.
Bitcoin price stuck below key resistance
The leading crypto has been moving sideways since the early hours of Jan. 24, leaving analysts in doubt about where it will go. While BTC price reacted little to the start of trading, including technical issues on the New York Stock Exchange, US macroeconomic data failed to change the status quo. Therefore, Bitcoin lost its direction after forming a narrower range on January 20. Popular crypto analyst Michaël van de Poppe summarizes the current price action as “Bitcoin failed to break a critical resistance of $23,100.” The analyst thinks that this level can present serious buying opportunities:
If we keep making LHs (low highs), we’ll likely test and sweep $22,300 before continuing. This place offers some serious buying opportunities.
A Twitter poll by Poppe showed how divided the average market participant was on where the market could head next. At the time of writing, 47.7% of the approximately 4,500 responses are waiting for Bitcoin to see a correction, while the remainder are betting on a journey towards $25,000.
According to some analysts, $24,000 is more critical
“Fluid price action with no clear pattern or direction,” Daan continued, alongside a chart with targets. The crypto analyst said, “During the day, I mainly watch these white areas are high volume nodes with Daily and Weekly opening. Expansion above $23,100 and below $22,600.”
Discussing the possibility of an upside continuation, Gaah, meanwhile, highlights $24,000 as an important level to watch. Gaah also said in one part of his analysis, “The first positive sign for a reversal is a low of $20,800. The second positive sign is $24,000 to go to the next floor,” he said.
Not all Bitcoin analysts are this optimistic
Warning of a strong correction, Benjamin Cowen questioned the sustainability of the current Bitcoin rally based on historical priority. Cowen says Bitcoin could repeat its trajectory in early 2020, where it initially rallied before dropping significantly.
According to historical data, Bitcoin reached $10,500 between February and March 2020 before dropping to around $3,800. According to Cowen, Bitcoin’s behavior in early 2020 is relevant to the current period, as it is the only time in its history that BTC has experienced a recession or recession-like conditions.
According to Cowen, Bitcoin’s price may fluctuate between $16,000 and $30,000 for a while before a clear direction is determined:
You can always see something similar where Bitcoin spends a period in the $16,000 – $30,000 range and then eventually falls into a recession.
Similar to Cowen, having correctly predicted that Bitcoin will drop to as low as $50,000 by the end of 2021, crypto analyst Capo is worried that the current rally is a bull trap. cryptocoin.com We have included their analysis in this article.
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