Analysis shows that $14,000 for Bitcoin (BTC) is still on the table, even though it has surpassed $20,000. An analyst who foreshadowed the collapse in 2022 continued his thesis for a short trip to $21,000 before this level.
Bitcoin price still has $14,000 target
New analysis says that Bitcoin is preparing a bull trap before the price reaches the bottoms of recent years. Bitcoin price held $20,000 until Oct. Trader targets still contain a fresh top before being rejected.
Upside target before new lows is $21,000
Data from TradingView showed that Bitcoin reached $20,470 overnight. The leading crypto later had to bounce back to lows. BTC price maintains its all-time high in 2017 as support. On-chan analytics resource Material Indicators interprets this as a positive indicator:
BTC is still in a tight range. A retest of technical resistance at the 50-Day MA was rejected. Now, I’d like to see support retested at the 2017 summit. The bulls may be losing momentum. But it has placed a $20,000 buy wall to keep the price high.
#BTC is still in a congested range. The retest of technical resistance at the 50-Day MA was rejected. Now I want to see a retest of support at the 2017 Top.
Bulls may be losing momentum, but placed a buy wall at $20k to hold price up.
Watching #FireCharts for rugs. pic.twitter.com/oliHGwQo4C
— Material Indicators (@MI_Algos) October 4, 2022
Material Indicators analyzes a chart of the Binance BTC/USD order book that shows trader behavior with trades of different sizes. Its 50-day moving average (MA) at $20,170 still has not returned to the decisive support for the day.
Knowing the collapse, the analyst expects $ 21,000 in Bitcoin price to be the first
Popular crypto analyst Il Capo continued his current thesis, which includes a trip to $21,000 before a steeper and more persistent drop. “I think the local summit is not yet, but it is very, very close,” he told his Twitter followers:
20500-21000 is not touched and there is no ltf distribution. I expect the last leg to be up soon. Then bearish signs and return to new lows (14k-16k).
cryptocoin.com As we reported, Capo previously predicted a BTC price collapse in March of 2022. The analyst now says that before new lows, the Bitcoin price will see $21,000 for a short time.
Signs of good times ending for the US dollar
Looking at the US dollar index (DXY), which is a major macro trigger for the crypto market, there is some relief on the horizon. A 20-year high is still on the table in the DXY index, according to Il Capo. But it will be followed by a long-term break in the “parabola” that has been in place in dollar strength since 2021.
DXY currently circles 110.6 points. He narrowly retained the 110 as support. It still marks the lowest levels since Sept. 21.
