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.
The entire market looks ready to continue moving heavily.
▫️ Many #altcoins & #Bitcoin breaking above 50-Day Moving Average.
▫️ #Bitcoin breaking above 200-Week Moving Average.Looks to me to see a continuation on those altcoins for 100-200%.
— Michaël van de Poppe (@CryptoMichNL) July 28, 2022
Justin Bennett took a look at the TOTAL chart this week due to high volatility. The crypto analyst said the path towards the $1.15 trillion target is clear. In the tweet below, Bennett says current levels are confirmed as bottoms.
Gm fam! ☕️$TOTAL with a perfect bounce from $940-$960B support this week.
Now testing $1.05T resistance. A lot of room above that toward $1.15T.
I still think buying dips is the way to go for now.$BTC $ETH pic.twitter.com/WDMPUTV5pl
— Justin Bennett (@JustinBennettFX) July 28, 2022
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.”
The #Bitcoin Mining Pulse is experiencing a sustained uptrend, indicating blocks are coming in slower than the target 10mins.
This signifies continued stress in the mining industry as hashrate comes offline, and difficulty adjusts downwards.
Live Chart: https://t.co/ITLFuFzQ98 pic.twitter.com/Tk3bOs8I0E
— glassnode (@glassnode) July 28, 2022
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.
With a candlestick close above $1,680, it appears #Ethereum is heading to $1,800. https://t.co/V75xp1KnDJ pic.twitter.com/dAgX5b9EiL
— Ali (@ali_charts) July 28, 2022
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.
It seems that the downside breakout was a false one, and the bullish flag has been validated. Let's see how fast $BTC can reach those targets. #bitcoin $BTCUSD $ETH $ETHUSD #ビットコイン #биткойн #比特币 https://t.co/v6x4Ka23L7 pic.twitter.com/nKoEV8440X
— CryptoHamster (@CryptoHamsterIO) July 28, 2022
cryptocoin.com As you follow, Bitcoin touched $24,294.79 on July 29. This zone is the highest since June 13.
