Analysts, who correctly reported that the Bitcoin price was bottoming out in November 2022, are updating their forecasts after the recent recovery.
DonAlt points to $32,000 in short term for Bitcoin
Crypto analyst DonAlt, who is famous for his accurate Bitcoin predictions, said that the BTC price could exceed the 2023 high of $31,000 in the coming days. The technical analyst sees that the leading crypto will likely break out of an “indecision zone” and rise above $32,000. According to the statements in his recent Youtube broadcast:
We’re at weekly resistance, but we’ve tested this a million times before. Now, we are basically trading between the breakout level [below $32,000] and I called this the ‘zone of indecision’ months and months ago. You can see how we’re dealing with this. But now that we have a catalyst, I think we can crack it. Then we can go over $32,000.
According to the analyst, the main catalyst that triggered the BTC rally was BlackRock’s application for a spot Bitcoin ETF. cryptocoin.comIn this article, we have included Santiment analysis on how BlackRock triggered the last rally in the market.
Dave the Wave made a staggering 420% prediction for Bitcoin price
Another crypto analyst, Dave the Wave, says that Bitcoin could rise more than 420% from the current price zone. The analyst stated that Bitcoin has most likely already found the bottom. Now, he says, the real question is how high BTC can run.
The technical analyst presents his chart that predicts a BTC price of $157,512 by 2025. He bases the forecast on a logarithmic growth curve, which aims to ignore Fibonacci extension levels.
According to Dave the Wave, BTC bottomed out at the $27,042, .382 Fibonacci retracement level, similar to the price pattern that led to a multi-year Bitcoin bull run in 2016.
In May, the analyst said that strong support levels for Bitcoin are between $22,000 and $26,000. Earlier this month, he warned against being overly cautious as BTC is trading at around $25,000.
Michaël van de Poppe takes a look at the BTC.D chart
Recent analyst Van de Poppe, who took a look at the Bitcoin dominance chart, says it will soon reach a consolidation point, which is good for altcoins.
In their analysis, “As Bitcoin dominance approaches the next resistance point, Bitcoin is reaching the next resistance point. Presumably Bitcoin will start to consolidate. Therefore, a period of some relief for altcoins is approaching and it may gain momentum,” he wrote.
After the strong rally in BTC, Poppe expects the leading crypto to reach a consolidation point soon. It also expects it to rise as high as $40,000, based on its correlation with its 200-week moving average.
“I expect it to rise towards $38,000-42,000”
In the final part of his analysis, Poppe shared the following scenario where Bitcoin will rise around 10% from current levels:
Most likely, this is the first real impulse in this cycle in Bitcoin. Thanks to this, the 200-Week MA and EMA are held as support and there has been a huge jump + institutional interest. I expect a continuation towards $38,000-42,000.
