Bitcoin (BTC) price is facing the $17,000 resistance. Meanwhile, a number of analysts, whose previous claims have proven false, shared their latest expectations for BTC, the largest cryptocurrency by market cap. Here are the details…
Kaleo: A new bull market could begin for Bitcoin
Kaleo says that historically every Bitcoin bull market started with a price crossover above the 200-day easy moving average (SMA). The trader says that while the strategy is easy, watching the break of the 200-day SMA will be one of the most valuable signals to consider before moving higher in BTC.
I think, indeed, one of the things as far forward as watching the big pivots, some kind of random slip from where we are, is the recovery of the 200-day easy moving average as well. Being enthusiastic and switching to saying ‘OK, we’re free for a little while’ is one of the things I look for. I know it’s incredibly easy, but it’s a move that’s been a signature for every sole we’ve seen on this chart over the last few cycles. Until that happens, only patience is worthwhile.
Kaleo proposes a scenario where Bitcoin consolidates and hits a somewhat new bear market low in the coming months before seeing a spike by June 2023.
Smart Contracter also conveyed its rise expectation
Smart Contracter told his 216,900 Twitter followers that he expects Bitcoin to rally in the near-term before BTC ignites a real leg to its sub-$16,000 goal. In other words, it points to the rise first and then to the bottom level. Smart Contracter is a recognized practitioner of Elliott Wave theory, an approach to technical analysis that tries to predict future price action by following crowd psychology. According to the theory, a bearish asset usually bounces after completing a five-wave pullback before continuing the downtrend.
Looking at the analyst’s chart, he seems to be predicting a short-term boom to $17,500 before an actual five-wave correction for Bitcoin to $15,600. The crypto strategist also says that Bitcoin looks weak in the higher timeframe after BTC bulls failed to sustain last week’s rally.
Smart Contracter also closely monitors the US dollar index (DXY), which measures the dollar’s value against a basket of fiat currencies. Investors watch DXY’s performance as a strong index indicates investors are turning to the dollar rather than risky assets. According to the analyst, DXY is showing a bullish trend on the monthly chart after removing the cross resistance.
DonAlt: BTC will remain in bear market
Finally, analyst DonAlt says that BTC bears flexed their muscles after preventing Bitcoin from successfully breaking the resistance around $17,500. According to DonAlt, Bitcoin’s failed breakout shows that the momentum is staying with the bears and that BTC will see a new bear market around $15,300 this year. The analyst used the following terms:
Looking at the daily chart, the situation is terrific. This is a false break in the downtrend that you don’t actually want to see. In this case, this is where the climax is usually. You should keep your aim in the low range, but given that the low range is very, very weak here, you basically expect it to work like this, if you aim for the low range you actually want to aim lower.
According to DonAlt, a bearish scenario is more likely to occur as BTC is currently trading below the lower timeframe anchor area. “We are in this lousy situation with this lousy foothold at $16,800… Basically, the range before the false break…,” the analyst says.