The price action for Bitcoin (BTC) continues to attract investors and once again, concerns about the state of the global economy and rising inflation have affected prices. Now, due to the Russia-Ukraine tension, BTC is hovering near $42,000. So, what can analysts expect? cryptocoin.com We convey the opinions of 3 analysts as…
Analysts are waiting for these levels for Bitcoin
Bitcoin price bullish and bearish scenarios were presented by crypto trader “Crypto_Ed_NL”, who posted the chart below outlining two possible BTC price trajectories. The analyst stated that nothing has changed when he checked his latest chart with the current situation. He said that he expects a move towards $40,000, while a bounce towards $48,000 for an uptrend and a break below $40,000 for a downtrend.
A final bullish perspective for BTC moving forward has been offered by crypto analyst “IamCryptoWolf,” who posted the chart above outlining a possible Bitcoin price trajectory. Noting the head and shoulders pattern, the analyst said, “Everyone is looking at $46,000. What if it’s $50,000 –> $46k –> $60k,” he said.
Delphi Digital transfers support and resistance levels
As the price action for BTC moves towards the confluence of daily, weekly and monthly resistance, Delphi Digital analysts suggest that “market participants of all kinds will look at it as a potential price cap” and that this is “a sensible place to wait”. These levels are stated to be a sensible place to wait before trading.
Coming to key areas, Delphi Digital highlighted substantial support for BTC in the $40,000 to $41,000 range. The next level of support is at $38,500. With the possibility of a move higher for BTC, Delphi Digital has listed the region as a heavy resistance area from $46,000 to $48,000. He also stated that a squeeze towards $50,000 could be seen. Delphi Digital also highlighted the recent increase in corporate streams over the past few weeks. He stated that alternative names such as Binance Coin (BNB) and BNB-based products and SOL have begun to be supported.
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