Predicting the 2021 crypto market crash, the trader says that the bottom of Bitcoin (BTC) is now and a rally is imminent. cryptocoin.com We have compiled the important predictions for Bitcoin for you.
Bitcoin has bottomed out, according to analyst
Nicknamed trader Dave the Wave told his 135,500 Twitter followers that a key indicator is that Bitcoin hit the bottom in December 2022. The trader looks at the monthly moving average convergence divergence (MACD), which aims to pinpoint reversals. He says the MACD shows that Bitcoin is setting the stage for a massive rally, similar to the rise that started in April 2019.
It also looks at the monthly histogram of BTC, which traders use to detect changes in momentum and potential price reversals. Dave the Wave said in December that there was no need to panic about the price drop as Bitcoin was trading at around $16,400.
The trader says the MACD indicator shows that Bitcoin is forming a similar pattern as it did in April 2019 before a major surge. Dave the Wave also says that the price of Bitcoin is heading towards the weekly Gaussian channel, signaling a good time to buy BTC. Gaussian channels are momentum indicators that can be used to identify price reversals.
The next step for BTC
A crypto analyst believes that Bitcoin (BTC) is poised for a new rally after losing more than 10% of its value in recent weeks. Analyst Jason Pizzino told 282,000 YouTube subscribers that he believes Bitcoin is still bullish, but that he thinks BTC could drop further in the short term based on market cap. The analyst said in a statement:
“These are the key levels I’m looking for bearish: $20,700, $19,800 and then we really don’t want the market to go below $18,600. If you really want to go that low, the lows here are probably $18,000. If it goes below this point, the structure changes and this is no longer the start of a bull market.”
Pizzino also said, ‘From my own view of the data I’m predicting here and how I interpret it, this is the start of the next leg. We can go up in the long run, but we can go down in the short run, and that’s exactly what’s happening right now. So I will take this opportunity to convert DCA (dollar cost average) to some BTC.’ He ended his speech with his remarks.
Will significantly outpace Ethereum
A closely followed crypto analyst believes that Bitcoin (BTC) can now significantly outpace Ethereum (ETH). Nicknamed analyst Kaleo tells his 562,700 Twitter followers that the Ethereum/Bitcoin pair (ETH/BTC) is currently trading below a diagonal trendline, suggesting that ETH will follow BTC for earnings. In his statement, the analyst says:
“ETH/BTC has finally broken below the higher timeframe support line we are watching. Remember, this chart only shows relative strength to BTC, so over the next few weeks, BTC will start to move a little faster.”
A traditionally bearish ETH/BTC chart shows that Bitcoin will rise in value faster than Ethereum and the overall altcoin market. Looking at Bitcoin, Kaleo says that BTC is likely heading towards the $30,000 price level after it managed to bounce off the support around $21,000.
In the short term, Kaleo says that if Bitcoin breaks the $22,400 resistance, it will likely gain more momentum.
Bitcoin price chance to start 20x rally
Consolidating below $22,000 for quite some time, BTC price has comfortably regained levels. CPI data created significant fluctuations in the market and people are waiting for the impact of the new data. The 6.4% new rates were higher than the expected 6.2%, which did not have a negative impact as many predicted. However, the price has begun to consolidate somewhat as the Federal Reserve remains hawkish with further rate hikes in the future.
Also, BTC revealed the possibility of a bullish reversal if previous rallies were repeated. Recently, BTC price has experienced a bullish event, witnessing a bullish daily Golden Cross above the 200-day MA where the 50-day and 200-day MAs intersect.
Prices were expected to take the necessary bullish pressure and regain levels near $23,000. However, the trend remains low as markets await new CPI rates.
The Golden Cross effect was believed to have subsided, but when comparing previous rallies, Bitcoin does not rise immediately after the Golden Cross. Instead, it first experiences a pullback that causes a catapult action to bounce for a long time.
BTC may recover
While the Securities and Exchange Commission (SEC) is taking strict action on cryptocurrency exchanges like Kraken, regulation remains the ‘main threat’ to Bitcoin, according to Florian Grummes, Managing Partner of Midas Touch Consulting. Grummes, who has more than two decades of experience in the financial markets and trained as a technical analyst, said he is particularly concerned about the ups and downs for Bitcoin.
“They cannot stop the Bitcoin network, but if it is forbidden to send certain amounts of money to exchanges, there will not be enough people to buy it and then it will be moved underground,” the analyst said in a statement.
After a tough 2022 in which Bitcoin lost 64 percent of its value, the coin experienced a rally in 2023 and has risen 31 percent since January 1. Using historical data and technical analysis, Grummes predicts that this uptrend will continue and Bitcoin could reach up to $50,000 this year.
“If in 2019, after the bear cycle that started in December 2017 and dropped Bitcoin from $20,000 to $3,200,” the analyst said. [yaptığı] like… three months,’ he said. Then, ‘We may see something similar in the next few weeks and months, as Bitcoin recovers from $35,000 to $50,000.’ he added.
Bitcoin as a reserve asset
A common argument among so-called Bitcoin Maximalists who promote Bitcoin as the only true cryptocurrency is that Bitcoin will become a reserve asset in the future due to its scarcity and decentralized network.
Bitcoin maxis claims that central banks around the world can use Bitcoin in a similar way to how gold was used during the gold standard. Grummes described such a proposal as a “wet dream” that would take “decades” to manifest.
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