According to one analyst, stochastic patterns leave the door open for 189% BTC price increase compared to current Bitcoin’s ATH level. Elsewhere on Twitter, Profit Blue says that the Bitcoin price will be capped at current levels.
“Bitcoin may be limited in this range”
In his current analysis, crypto analyst Profit Blue says that $10,000 is a possible bottom for Bitcoin (BTC) and the $23,000-24,000 range is a valid top. Netizen made this statement by sharing Bitcoin’s price behavior since 2017.
Looking at the July 2020-July 2021 time frame of the chart shared in the tweet, it can be seen that BTC has formed double tops (M-form) with the right shoulder reaching a slightly higher value than the left. Moreover, the neckline is in the $30,000-32,500 price range. In addition, the right arm is higher than the left. The formation of double tops indicates a bearish trend.
Interestingly, BTC is testing $23,075 for the second time considering the July 2022-January 2023 timeframe. The analyst calls this a valid peak. By the way, looking at Profit Blue’s statement from a different angle, it is not clear whether he made this statement to condemn Bitcoin supporters who are overly optimistic about its price.
Stochastic indicator offers historical firepower to Bitcoin bulls
Recognized Twitter Alan announced in a tweet on January 27 that the next potential bear market bottom is $70,000. The consensus is that BTC price action is still tied to Bitcoin’s four-year halving cycles. The resulting price model offers an “all-time high year” every four years, with 2025 next.
Alan argues that Bitcoin’s block subsidy halving will happen a year ago, and from then on, the path to a massive $200,000 valuation will be clear. This price tag emerged from the analysis of the stochastic oscillator in sync with Bitcoin’s highs and lows in the BTC/USD pair. Currently, the indicator is showing its latest trough and if history is a guide, price behavior could do the same.
The stochastic oscillator is a volatility tool that compares closing prices with historical averages. “Bitcoin’s well-formed structure with stochastic behavior suggests that the next ATH will be at $200,000 and the next floor will be at $70,000,” Alan said.
cryptocoin.comAs you follow, Bitcoin (BTC) continues its momentum in the new year, currently above $ 23,000. It faces strong resistance in this region, according to first analyst Profit Blue.
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