Bitcoin (BTC) reversed its course from Monday night’s low of $22.658 and rose steadily in trading on Tuesday. Analysts share their predictions for Bitcoin’s next move.
“The bulls need to show fresh strength”
Bitcoin reached $23,355 in the early afternoon before retreating to the $23,200 support. According to Kitco senior technical analyst Jim Wyckoff, the price uptrend on BTC’s daily bar chart has stalled and the bulls need to show fresh strength soon to keep it alive and maintain their short-term technical superiority.
Analysts at Arcane Research note in this week’s ‘Ahead of the Curve’ news release that Bitcoin has seen a weekly return of 0% for the second week in a row as the top crypto remains in consolidation. This has made room for some small-cap altcoins to ‘make a significant rally over the past week as the market is taking risks’. “The recent dull price action has caused market activity in BTC to stagnate as BTC spot volumes dropped 42% last week excluding Binance,” the report said. As a result of the return to risk, Bitcoin dominance fell by 0.9%.”
“A scenario to look forward to for Bitcoin”
Similarly, crypto analyst Rekt Capital highlights that the sluggish price action for Bitcoin over the past few weeks has given altcoins a chance to make some gains before the potential to break through the macro downtrend, a pattern experienced towards the end of previous crypto winters. The analyst expresses his views in the following post:
Is BTC consolidation a breakout high to enable altcoin rallies and then breaking through the macro downtrend to confirm the new bull trend? Definitely a scenario to look forward to for Bitcoin.
#BTC consolidation at highs so as to enable Altcoin rallies followed by a breakout past the Macro Downtrend to confirm the new Bull Trend?
Definitely a scenario to look forward to$BTC #Crypto #Bitcoin pic.twitter.com/NS4VlMG8Cn
— Rekt Capital (@rektcapital) February 7, 2023
“This is needed for BTC’s rally to $28,000”
Popular analyst Michaël van de Poppe believes that Bitcoin is poised for an upside boom as it is currently trading above an important level. The analyst says that traders betting against BTC can provide the necessary fuel for a rally towards the $28,000 target. In this regard, the analyst makes the following statement:
People are eagerly starting to short it. So breaking $23,200 inevitably continues towards $26,000-28,000 on the charts.
While the analyst says he is still seeking a correction towards $21,700, he acknowledges that Bitcoin trading activity is bullish, suggesting that the momentum is on the side of the BTC bulls. Based on this, he shares the following assessment:
Bitcoin continues to eagerly keep the levels of the range low. I still prefer a $21,700 scan as the optimal long entry. But people are so eager to enter the market that we’re probably not going to get it. In this context, it seems likely to continue towards the $26,000-28,000 levels.
“If this happens, Bitcoin will rise to $25,000”
Other crypto strategist Pentoshi shares the same view about Bitcoin. Correctly saying that the bull market of BTC is over in 2021, the analyst says that a move above $23,300 will likely take Bitcoin to $25,000. The analyst expresses his predictions as follows:
My view of things right now: If BTC flips $23,300 and ETH $1,680, then we could see BTC surging towards $25,000 and ETH towards $1.9xx before a major pullback.
“Bitcoin is following the path of explosive AI coin”
Crypto analyst nicknamed Credible Crypto says that Bitcoin may be reflecting the price action of Fetch.ai (FET), a decentralized machine learning network that has reached 433% this year. In this context, the analyst makes the following comment:
Definitely this. Here’s a side-by-side comparison to show. All of a sudden, a final fifth wave hitting an all-time high this year doesn’t seem all that crazy, does it? BTC doesn’t need to emulate the FET exactly, but if it did, it would look like the one below.
Looking at the analyst’s chart, he seems to be predicting a brief pullback for BTC before the leading crypto climbs above $44,000 in the coming months.
Worst case scenario for Bitcoin
Crypto analyst Benjamin Cowen sets a price target in case Bitcoin crashes. The analyst says that in the ‘worst case scenario’, Bitcoin could fall by over 47% from its current value. Cowen notes that Bitcoin could rally in the coming months, then ‘backtest’ a diagonal trendline and push the king crypto to $12,000 in August 2023. In this context, he makes the following statement:
If it was August 2023, it rises to $12,000 and then $26,000 as here. Then it sits here for a while and then it goes down again and then it’s over. As the bottom is at $12,000, it actually corresponds to re-reaching this trendline, a low (in May 2022), a low (in November 2022), and then a final low (in August 2023). This of course assumes that November isn’t the bottom, which again undoubtedly could be. So the worst case scenario is something like this.
Bitcoin hits its first ‘golden cross’ in months, what’s next?
Bitcoin posted its first golden cross since September 2021. VentureFounder, a crypto analyst providing analysis on Cryptoquant, was excited about the event. According to the analyst, a possible correction in the bearish scenario could cause BTC to retest $20,000, while on the other hand, in the bullish case, Bitcoin could test $25,000 in the next step. “Once the $25,000 barrier becomes support, we have a nail in the coffin for the bears,” the analyst says.
#Bitcoin goldencross just happened!
This potential correction could see #BTC retest $20k (#200DMA and key support), then in the bullish case, test $25k next.
Make $25k support and it's nail in the coffin for the bears. pic.twitter.com/baPFOTECCG
— venturefoundΞr (@venturefounder) February 6, 2023
