7 Analysts: Bitcoin’s Next Step To These Levels!

Bitcoin price is trading above critical resistance clusters. However, market structure and technical analysis divide experts into two. Let’s take a look at what levels 7 crypto analysts predicted for Bitcoin.

Will Bitcoin, Ethereum and Dogecoin continue to rally?

Edward Moya, senior market analyst at OANDA, stresses that the economic slowdown is faster than expected. According to the expert, the Fed’s aggressive efforts to fight inflation are complicating the macro environment. In his recent analysis, Mayo commented on the implications of this for the cryptocurrency market:

The rising risk appetite for the US economy after a second consecutive contraction raises the possibility that the Fed may try to tighten at a softer pace at its next policy meeting in September.

What do technical analysts say about Bitcoin?

Popular Twitter analyst Michaël van de Poppe was also one of the analysts who updated their forecasts. The analyst with 619k followers specifically says that “the whole market seems ready to continue to move heavily.” On the other hand, he said that many altcoins and Bitcoin have broken above their 50-day moving average, while Bitcoin is above the 200-week moving average. Poppe expects bullishness for altcoins that break the 50 MA:

I think we will see a continued rise of 100-200% in these altcoins.

Justin Bennett took a look at the TOTAL chart this week due to high volatility. The crypto analyst said the path towards the $1.15 trillion target is clear. In the tweet below, Bennett says current levels are confirmed as bottoms.

Bitcoin on-chain analysis

On-chain analytics firm Glassnode said that Bitcoin’s mining pulse is “experiencing a steady uptrend.” The company tweeted that the blocks were coming in slower than the targeted 10 minutes. As a result, it means there is “continuing stress in the mining industry as the hash rate goes offline and downward adjustments become more difficult.”

Chart expert Ali Martinez says Ethereum headed towards the $1,800 target. He noted that the leading altcoin closed above the $1,680 target on the four-hour chart.

Tone Vays says Bitcoin needs a miracle to bounce back

Experienced analyst Tone Vays, on the other hand, expects Bitcoin to decline in the short term. In a new video on Tuesday, the analyst stated that BTC was “rejected” by the 200-week MA last week. Meanwhile, Bitcoin is trading around $21,000. Vays also predicts that if Bitcoin fails to hold the line around $20,600, it will repeat the mid-June price drop and drop as low as $14,000:

If we don’t hold that middle line, we’re very likely to repeat this whole consolidation disaster with a massive crash… if we go back to this lower range.

Elsewhere, Twitter analyst nicknamed CryptoHamster predicts $26,000 for Bitcoin.

cryptocoin.com As you follow, Bitcoin touched $24,294.79 on July 29. This zone is the highest since June 13.