Last week, the US financial system witnessed the collapse of several banking institutions, including Silicon Valley Bank and Silvergate Bank. Bitcoin responded by rising from last week’s low of $19,736 to its current value of $24,130, making a dazzling 22% rally. What’s next for leading crypto?
DonAlt wants to try his luck at Bincoin!
Analyst alias DonAlt, known for his accurate predictions, says that Bitcoin’s strong rebound to close the previous week is likely a sign that leading crypto assets are preparing for massive rallies. For the analyst’s accurate predictions cryptocoin.com Check out this article. According to DonAlt, BTC ‘definitely looks giga-month ready. Taking a closer look at Bitcoin, the analyst believes that BTC is ready to break the resistance at $ 24,300. DonAlt said, “Selling to the third test for $24,000? No, thanks, I’d rather take my chances,” he says.
Source: DonAlt/TwitterAccording to DonAlt’s chart, Bitcoin’s next resistance is at $32,200 if it rises above the $24,300 supply area.
“Some consolidation is possible for Bitcoin”
Popular crypto analyst Michaël van de Poppe also interprets the latest Federal Reserve moves as a new quantitative easing (QE). From this point of view, the analyst, who has a positive outlook for Bitcoin, first expects a consolidation. Van de Poppe explains his views as follows:
Bitcoin is sweeping highs here as it tests the $25,000 high test range. We would preferably like to see some consolidation period before continuing. If the markets rise as high as $25.2k, there will be a bear dive and pullback. In that case I would be short up to $23,000.
Source: Michaël van de Poppe / TwitterThe analyst also said, “Three banks have collapsed in the last 96 hours, few at the border. The Fed bailed out depositors and slowly began QE. Bitcoin has made a huge splash as it should. Now is the time,” he says.
Bitcoin is not close to finishing copying!
The analyst, nicknamed Kaleo, says that Bitcoin is most likely about to go up and test the diagonal resistance at $27,000. Also at this point, he foresees a temporary retest before Bitcoin rises even higher. Kaleo is looking for this move to continue this range towards the upper diagonal resistance around $27,000 before seeing a major pullback.
Source: Kaleo/TwitterLooking at its chart, Kaleo predicts that Bitcoin will reach around $40,000 in April, an increase of more than 54% from its current value. Kaleo says Bitcoin’s price action is similar to the mid-February rally, when the leading cryptocurrency hit new highs. In this context, the analyst says, “The current PA (price action) is incredibly reminiscent of the mid-February rally that created new range highs.”
Source: Kaleo/TwitterWith the release of CPI data showing signs of cooling in inflation, Kaleo reaffirms its price forecast. “Direct resistance with new higher expeditions. Not too bad,” he comments.
Source: Kaleo/Twitter“Bitcoin has probably bottomed!”
Crypto analyst Tone Vays says technical indicators are lining up for a potential Bitcoin boom. The analyst thinks Bitcoin likely bottomed out in November 2022, when BTC hit the $15,000 price range. The veteran also says that the recent drop to the $19,000 price range is a secondary pullback, a short trend reversal caused by bearish activity.
However, he states that BTC will continue to rise as the US banking system faces the threat of a larger bank run during the collapse of Silicon Valley Bank and Silvergate Bank. In this context, the analyst makes the following assessment:
Now, if you’ve been sitting on a lot of Bitcoin, you may be praying for a bank run to make Bitcoin rise faster. But you shouldn’t, because Bitcoin will go up anyway. This is bad enough news to make people want to buy more Bitcoins, and it’s likely happening in a Bitcoin cycle where it has already bottomed out. And now this is the secondary retreat which is absolutely brilliant. And less than a year before the halving, it’s happening in its massive four-year cycle.
Analyst expects at least these levels for BTC
Tone Vays also predicts that Bitcoin could explode if it breaks the near $25,000 resistance. He also notes that several indicators are giving bullish signals, including the Lucid SAR, which is a variation of the Parabolic SAR, which is a directional trend indicator. Based on this, the analyst makes the following statement:
Apart from the weekly double support, the Lucid SAR and the 20-week moving average, a monster hammer candle closed as an absolute beast. Everything is lined up absolutely perfectly. Now the weekly still hasn’t come out of the forest. We need to set a higher level. We’ve set a final low ($15,500). We set up a higher swing at around $25,000. We’ve backtested $19,000, but now we need to exceed that ($25,000). Once we break all this resistance, I expect an incredible rise in Bitcoin at least until this $30,000 to $35,000 area.
