The leading crypto Bitcoin slipped from $ 22 thousand to $ 15 thousand with the collapse of FTX. However, it has managed to rally a little in recent days and climb above $16,000. So, what awaits Bitcoin next? 3 Bitcoin masters are trying to determine the route of BTC.
Can Bitcoin break the symmetrical triangle pattern at $16,500?
Crypto and market education channel IncomeSharks shared that Bitcoin looked strong as it hit $16,500. IncomeSharks made this statement in a follow-up comment to a tweet he shared earlier in the day. According to the previous post, IncomeSharks predicted that BTC will bounce off the $15,500 support level. He also predicted that he would see $16,500 as the first target. As a result, when BTC hits $16,500, IncomeSharks shared the tweet below.
#Bitcoin – First target of $16,500 hitting. Looking strong. https://t.co/XPm1TUVyvT pic.twitter.com/9jPFeoq66y
— IncomeSharks (@IncomeSharks) November 23, 2022
Crypto content creator and model analyst Trader Tardigrade responded to IncomeSharks. The analyst stated that IncomeSharks agrees with the idea that Bitcoin will look strong once it reaches $16,500. Additionally, the crypto analyst detailed how BTC went through symmetrical triangle patterns in 2017. He also highlighted the importance of BTC regaining the top of the triangle pattern at $16,500.
“Waiting for BTC to hit $10,000, don’t miss the opportunity!”
cryptocoin.com As you follow, there is a widespread belief in the crypto community that Bitcoin (BTC) will drop to the $10,000 price level before experiencing a major bull rally. However, crypto phenom Ben Armstrong, creator of BitBoy Crypto, disagrees. The analyst says it would be rather reckless to wait until the $10,000 price point.
Armstrong states to the crypto community that it would be a good decision to invest in crypto at the current low prices. Because he states that being too obsessed with numbers will likely cause people to miss out on big investment opportunities. He says the two things people will regret are ‘not taking profits at the top and not hoarding crypto near the bottom’.
A 🧵 on the #Bitcoin bottom.
In crypto, we get so obsessed with numbers… $100k $BTC, $10k $ETH, $1 $DOGE, etc.
But what has been more important during the Bitcoin cycles has been the time frame. I nailed the timing for the top on 2021 bull run. Way off on price.
1/4
— Ben Armstrong (@Bitboy_Crypto) November 23, 2022
Earlier, IncomeSharks, a market analyst, claimed that if the majority of the crypto community agreed to buy BTC at $10,000, it was actually a strong indication that Bitcoin would never drop to $10,000. According to the analyst, the system will ultimately operate according to the laws of supply and demand. Hence, more buying and less selling will naturally increase the price of BTC.
Would you buy #Bitcoin at $10k? If your answer is yes you agree that demand increases at lower prices. Meaning more people will be buying and less will be selling (price goes up). Markets price in value and demand. People wanted to sell $BTC at $100k so we didn't get there…
— IncomeSharks (@IncomeSharks) October 10, 2022
Crypto Rover confirms a bullish divergence for Bitcoin
YouTuber crypto expert Crypto Rover confirmed in his latest video that Bitcoin is finally trending bullish on the daily timeframe. He said that Bitcoin price is currently bouncing after highlighting a growth projection along Bitcoin’s ‘legendary’ trendline. The analyst looks at the hourly time frame for Bitcoin, which shows that Bitcoin once bounced off the low range. He emphasizes that the market should now aim to support the lower range while shorting the resistance from the upside.
The analyst says that after bouncing from the low range, Bitcoin’s next target is to break the $17,000 mark, where it has historically faced a lot of resistance in the current market. However, Crypto Rover also notes that the low range isn’t necessarily a good improvement. He explains that it could mean danger in the BTC price segment as new lows in the market indicate significant weakness and that the time frame shows a weakening trend as BTC has formed lower highs recently.
He also adds that it would not be surprising if Bitcoin sees another downtrend in the near future. Moving towards the four-hour time frame, the analyst says that Bitcoin is showing a bullish move on the moving average convergence/divergence (MACD). He also states that this also pushes the price segment of the coin up.
Additionally, Crypto Rover expects to see a higher high compared to the last few highs that could confirm the bullish trend. However, he says, if BTC continues to maintain its current low-high trend, things will likely get worse for Bitcoin. A V-shaped recovery for Bitcoin, which means a good thing for the overall crypto market, still presents a weakening structure for Bitcoin. Until BTC breaks above the previous high in the market, the analyst chooses to continue the bearish trend.
