Bitcoin price has recently entered a bearish spiral. Analysts continue to offer their views at this point. On the other hand, the issue of which levels are at the door is also important. Let’s take a look at the analysts’ comments together.
Analyst comments for bitcoin price
Data provided by TradingView indicates that Bitcoin (BTC) has entered a bearish trend. It also shows that the daily low of $26,320 was reached in the afternoon before the bulls managed to climb above $26,400.
According to analyst Jim Wyckoff, the early morning pullback makes sense. July caused Bitcoin futures prices to trade weaker. Accordingly, Wyckoff said, “Bitcoin price hit its lowest level in almost three months on Tuesday. However, trading was volatile in the middle of the week.” says. Also, Wyckoff said, “The bears have re-established a price downtrend on the daily bar chart. So they generally have a short-term technical advantage.” is emphasizing.
Uncertainty is the biggest problem
There is a poll done in the crypto community on Twitter. The survey says what will happen when the FUD (fear, uncertainty and doubt) surrounding the latest situations subsides, many analysts say. Accordingly, it shows that he expects a higher movement for Bitcoin. As market analyst Caleb Franzen points out, testing a major support/resistance level at $25.335 is important. It’s also a great place for buyers.
Analyst Crypto Tony looks at the level that needs to be recovered before making a new entry into the market. Accordingly, he emphasized $ 26,650 as a level. According to market analyst Captain Faibik, there is a case of a ‘cup and handle’ pattern emerging. Accordingly, this is yet another proof that the Bitcoin price may rise soon. Crypto trader Mustache, on the other hand, focuses on how Bitcoin is performing as it has in past market cycles. Mustache offers a macro view that suggests he is on the verge of “a very big move”. According to him, the price of Bitcoin will reach the level of $ 40 thousand very soon.
Important pattern for bitcoin price
In a new YouTube video by Eric Krown Crypto, he explained a key development, the emergence of a daily bullish candle. This candlestick pattern formed when Bitcoin price traded below Monday’s low and closed above Monday’s high. According to him, such formations usually indicate a bullish reversal. This bullish engulfing candle signals a potential upside move in Bitcoin price. Accordingly, as long as Bitcoin stays above the $26,500 level, the bias supports the bulls. He also talked about the five-day Gaussian channel analysis, which provides more insight into Bitcoin’s price movements. Currently, Bitcoin is bouncing off the average band. It shows flexibility. It also shows that between the upper end of the range (around $30,000) and the average band you have a better chance of testing and playing.
This pattern is an example of previous periods when Bitcoin retraced the average band and led to a long period of consolidation before breaking above the top. This historical reference points to a potential bullish outcome if Bitcoin continues its current trajectory. The analyst also highlighted the weekly moving averages, which give insight into Bitcoin’s long-term trend. As long as Bitcoin stays above the 55-week green EMA (Exponential Moving Average), a silver crossover between the 21-week and 55-week EMAs becomes inevitable. Previous examples of such crossovers have often resulted in significant price movements. Therefore, one level is crucial to confirm this bullish signal of Bitcoin. That’s the $26,000 level.
Is there a new uptrend?
Bitcoin price is about to start a significant bullish move, according to a crypto trader whose Twitter ID is Bluntz. Bluntz says in a tweet that Bitcoin has surpassed key upside and downside levels. He states that this situation paves the way for the next price rally. Bluntz said he would want to buy pullbacks with his target set at $28,800. The trader showed Bitcoin’s breakout from key levels using the 4-hour chart of BTC-USD. According to his analysis, the price surpassed the upside resistance at $27,644 and the downside support at $25,799. On the other hand, this means that these levels are no longer valid BTC price ranges.
#btc now back into the range once again after taking out the upside and now downside, will be looking to buy pullbacks after the daily close targeting 28.8k+
was expecting more a slow grind up but this move starting to look impulsive to the upside again pic.twitter.com/hlQEduatxG
— Bluntz (@Bluntz_Capital) June 6, 2023
Popular analyst Credible Crypto predicts that if Bitcoin retraces $27.5k, we will continue on our way to all-time highs. On the other hand, Crypto World has released a new video on YouTube where he analyzes Bitcoin’s recent price movements and technical indicators. The analyst observed a bounce from a support level ranging between $24,300 and $25,300. Also, according to him, this support area has proven its strength in the past one to two days as the price dropped to $25,300 before recovering. A notable area of resistance is between $28,000 and $30,500, which has historically acted as a barrier in many cases. Because, cryptocoin.com It will be important to go beyond this range. On the other hand, the support range between $24,300 and $25,300, which previously acted as resistance, now serves as a key support level on larger timeframes.
