Bitcoin (BTC) price showed no signs of slowing as it continued to rise steadily after the latest US Consumer Price Index (CPI) fell from 6 percent to 5 percent. This outlook caused BTC to rally in the short term and recorded a steady rise over the next few days. So, what awaits the largest cryptocurrency with its market value in the upcoming period? Here is the Bitcoin prediction of analyst Akash Girimath and the important levels to watch out for…
Bitcoin prediction: Price defies probability
cryptocoin.com As we have also reported, the Bitcoin price continued to “consolidate and rise” after the US CPI results were announced on April 12. BTC rallied even higher after briefly trading below $30,000 and is currently looking at the $32,687 barrier and the “buy-stop” liquidity that hangs above it. Gathering this liquidity and turning it into a support base is important, according to analyst Akash Girimath. Because the formation of such support will allow the Bitcoin price to go beyond two critical hurdles of $35,063 and $38,500.
Looking at the daily Bitcoin price chart of the Chicago Mercantile Exchange (CME) below, there is a gap stretching from $34,445 to $35,180. According to the analyst, this area roughly coincides with the aforementioned $35,063 barrier and is a good level for buyers to book profits.
What is the downside scenario?
While the bullish outlook makes sense, investors should note that while the Bitcoin price is forming higher highs, the momentum indicators Relative Strength Index (RSI) and Awesome Oscillator (AO) are trading lower highs. This mismatch usually signals a weakness in the system and eventually leads to a pullback in the price of the underlying asset.
As an example, Bitcoin recorded a bullish divergence between June and November 2022, with the momentum showing a steady slope while the price continued to make lower lows. This development was followed by a bull rally as BTC swelled by more than 90 percent over the next four to five months. Similarly, the continued bearish bias could lead to a steep correction to retest the critical support at $24,736. In a bearish case, Bitcoin price could lose its momentum, labeling the demand zone stretching from $19,592 to $22,291.
At the time of writing, Bitcoin is changing hands at $30,450, down 1.2 percent in the last 24 hours. The cryptocurrency managed to stay above $ 30,000 after a long process and rose close to 10 percent on a seven-day basis. In addition, its market capitalization has increased to around $589 billion.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.