Gains for Bitcoin (BTC) and crypto continue to come in for the second day as the US dollar falls. Bitcoin is back at $21,000 for the first time since September as buyers solidify gains. Famous Bitcoin analysts shared their predictions.
Bitcoin bulls want liquidity
Bitcoin hit local highs of $21,012 on Bitstamp, according to TradingView data. At press time, BTC continues to explore inaccessible regions for more than six weeks. According to data from Coinglass, $750 million in liquidity has flowed in Bitcoin alone in the past 24 hours. Cross crypto purges totaled $1.43 billion in 2022, the highest ever figure.
Crypto liquidation chart / Source: CoinglassMeanwhile, Material Indicators, the analytics platform that tracks the order book of Binance, the largest global exchange, noted that demand liquidity has risen. In this context, he shared the following on his Twitter account:
In the last 24 hours, a large amount of demand liquidity has been defeated and some replenished. But there is no doubt that BTC bulls are getting some help as bid blocks and demand liquidity are adjusted upwards.
BTC order book data / Source: Material Indicators$21,000 is a key level for some analysts, including Crypto Capo, who previously predicted the market would pull back at this point to retarget macro lows.
Is $33,000 in sight for Bitcoin?
Until recently, BTC stalled around the psychological $19k mark. He finally broke through the $20.5k barrier. The next few days will be crucial for Bitcoin. Since retesting and breaking above the descending downtrend line [red diagonal], the asset already has a slope of around 10%. As shown below, this is slowly approaching the next spike in resistance, where it was rejected at the beginning of September.
Source: Rekt CapitalThe 200 and 300 MAs were quite significant for Bitcoin. Over the years, the leading crypto has bottomed out around these averages. But at the moment, the price is still consolidating weekly between these two MAs.
Source: Rekt CapitalZoomed out further, it seems that Bitcoin has yet to register a clear breakout. The analyst, nicknamed Rekt Capital, recently shared the following:
It’s easy to get excited about this recent spike in BTC’s price action. However, macro-wise, BTC is still in the historic bottom. Hence, it has not registered a major breakout yet.
Regarding the level to be considered, Rekt Capital said:
BTC will need to surpass ~$23,450 first to see stronger trend momentum.
However, when the aforementioned hurdle is overcome, it will open the doors to $28.8k and $33,000. However, these goals are long-term in nature. So it won’t be achieved overnight.
Source: Rekt CapitalAnalyst explains how Bitcoin will reach $24,000
Analyst Ali Martinez shared a chart showing how Bitcoin will move from the current $20,658 level to the $24,000 price line. Martinez says that Bitcoin is currently strengthening on a BTC chart as the weekly BTC RSI climbs above 37. The analyst notes that when a ‘continuous move’ occurs above the 21-week moving average, it will likely lead to an increase of the 200-week MA at $24,000.
#Bitcoin | The TD Sequential buy signals appear to have been validated.
With the weekly $BTC RSI moving above 37, it looks like #BTC is gaining strength. A sustained move above the 21-week MA could trigger an upswing to the 200-week MA at $24,000. https://t.co/eYBb7oDRTP pic.twitter.com/fsO0hRzwY0
— Ali (@ali_charts) October 26, 2022
