The leading cryptocurrency, Bitcoin, gained 5.89 percent in value last month, keeping its price in the positive area. It brought the recovery in the name of bullish for many cryptocurrencies, including BTC. However, the Fed’s decision to raise interest rates by 75 basis points to control inflation affected the market. Following the decision announced at the beginning of November, the BTC price triggered a new bearish start for it.
Bitcoin price is near the last resistance zone
Many investors are keeping a close eye on Bitcoin’s future price action amid negative market sentiment. With the start of November, crypto analysts and strategists who are experts in the field are sharing their expectations. They share their predictions about the future volatility of the cryptocurrency market.
Crypto analyst CryptoCapo, known for accurately predicting Bitcoin crashes, has released its latest price forecast. The analyst closely examined BTC’s previous price action in 2022. The analyst said that Bitcoin will be lower than the current price before falling sharply. According to Capo, BTC is ready to form a lower level. Capo states that the Bitcoin price has formed a falling resistance pattern since July.
What level is next for BTC price?
CryptoCapo thinks there will be another resistance for BTC at $21,400. Afterwards, it will witness a sharp decline below the $16,000 level by the end of next week. Also, Capo predicts that Bitcoin’s current resistance point has entered the capitulation zone. Further, another crypto analyst, Cyploss, said that BTC’s weekly RSI level creates a falling pattern. He explains that the next week marks a sharp drop in Bitcoin price.
Bitcoin could gain bullish momentum after ending its descending triangle pattern. The leading cryptocurrency has attracted attention in terms of price fluctuation in the last 24 hours. Bitcoin is currently down 2.16 percent, according to data from CoinMarketCap. It also continues to trade at $20,787.
If these occur, BTC price will face a drastic drop.
Looking at Bitcoin’s daily price action, it recently broke the immediate resistance level at $21,000. After that, it continued its upward movement. However, BTC formed a strong bullish candle near the EMA-100 trendline. As a result, it points to more bullish momentum on the chart.
However, despite all this, the RSI-14 continues to hover around a strong overbought zone at 64. In this case, it has the potential to bring about a rejection for Bitcoin and can bring it to the bottom. Besides, the MACD line is currently gaining momentum and entering a bullish divergence zone for BTC price. Looking at the Bollinger bands, the upper limit is at $22.4K. A break above this level could take BTC price to the main $25,000 resistance level.
Analyst warns Bitcoin investors
Conversely, however, the lower boundary of the Bollinger band is also located at $20,700, which acts as an immediate support level in determining Bitcoin’s future price action. As a result of the analyst’s prediction, if BTC fails to maintain its uptrend and falls below $20,000, it may continue. In this case, it is likely to trade close to $18,000. A transaction below $18,000 could bring new lows for Bitcoin.
Previously, analyst Capo predicted a return to the $20,000 support and resistance level before BTC slumped to $14,000 in November. He says the pullback could come after BTC hit a high of $21,000 this month. The analyst states that the last chance to catch the longs is the level of 21 thousand dollars. On the other hand, he states that if the bears dominate the market again, that is, in case of decreases, the main target is $14,000.
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