According to analyst Akash Girimath, Bitcoin signals a sell-off, signaling a short-term correction. However, the analyst states that the long-term outlook continues the bullish trend. The Bitcoin forecast of the anonymous server of InvestAnswers is bullish. In this direction, the analyst explains his goals.
Bitcoin Forecast: BTC price trending bearish on daily timeframe
BTC price is showing a distinct bearish trend. This setup includes BTC forming a higher high while the Relative Strength Index (RSI) forms a lower high. This mismatch eventually leads to a decrease in the market value of the underlying asset. For bitcoin price, traders can see highs on April 14 and July 3 as larger bearish divergences, or highs on June 23 and July 3. In both examples, not only the RSI but also the Awesome Oscillator (AO) produced lower highs.
If the selling pressure continues, it is possible for Bitcoin price to drop to the initial support level of $28,000. If it fails to hold above this barrier, it will lower BTC to the Momentum Reversal Indicator (MRI) State Trend Resistance level at $25,142, indicated by green dots. This barrier closely coincides with the $24,267 support level, which is a key hurdle that needs to be overcome between July 2022 and March 2023. Therefore, a retest of $24,267 will likely catalyze buying pressure from marginalized investors. This would potentially create a local bottom.
On the other hand, if BTC price consolidates around $30,000 and gathers enough momentum to break the selling pressure of $31,500, it will signal a rebound of buyers. In such a case, if the Bitcoin price exceeds MRI’s Risk Line at $32,308, the bearish Bitcoin prediction will be invalid. With this development, it is possible for BTC to retest the $35,260 barrier.
The next 18 months will be an ‘absolute delight’!
cryptocoin.comAs you follow, the leading crypto has declined after a strong rise. However, the anonymous server of InvestAnswers reveals bullish price targets for Bitcoin (BTC). The analyst says he would not be “surprised” if Bitcoin reaches $42,000 by April 2024. Its forecast is based on the behavior of the options market. According to InvestAnswers, demand for Bitcoin’s call options is higher than for put options. This means “strong rise”.
Call options are contracts that give the holder the right to buy an underlying asset at a specified price on or before a specified date. Put options give the holder the right to sell an underlying asset at a specified price on or before a specified date. The analyst expects to see a large amount of action here at the $45,000 level. He draws attention to the call-put ratio in options as the reason for this. This ratio is currently – 0.39. The analyst then explains his predictions as follows:
So many more calls are bought than puts. That means a lot of growth. But even there it’s $45,000, $44,000, $43,000, etc. Look at the amount of price movements. I’ve said it many times before, I wouldn’t be surprised if we see $42,000 during the halving by April 2024. According to the chart below, we could hit $45,000+ by Christmas. Again, if the players of these option actions are right…
Bitcoin is trading at $ 30,282 at the time of this writing.
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