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- An analyst predicts that Bitcoin is set to hit $65k, however, the asset could fall considerably when bears reject the move.
- Another analyst predicts that Bitcoin could pull back to $46k as it looks very vulnerable at the $52,000 and $53,800 price range.
Bitcoin (BTC) extends its explosive run as it retests the $52,428.53 price point in an attempt to reclaim the $60k zone. In the last seven days, the asset has staged an incredible run of 8%, extending its Year-To-Date run to 18% with a market cap of $1 trillion.
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According to a well-known analyst, Dave the Wave, the largest crypto by market cap is in an attempt to breach a shorter-term overlapping ascending channel after breaking out of a long-term regression band. From the assessment, Bitcoin can certainly hit $65,000 when it completes this move. However, the results could be fatal if it fails. As captured by the analyst, Bitcoin could fall to as low as $41k in this case.
The technical short-term target of $65,000 if the rice can break out of the channel, and a target of $41,000 if it cannot. Your move BTC.
He further disclosed that the Moving Average Convergence Divergence (MACD) is a very good indicator to ascertain whether the asset would begin or reverse a trend. Regarding the January 2021 and December 2017 cycle, Dave the Wave explained that Bitcoin stages a final upward impulse before any exhaustion once the MACD moves above a certain level.
The daily BTC MACD is a clue. The difference between technical and parabolic strength.
Bitcoin Price Analysis From Other Analysts
A separate observation from analyst Justin Bennett also mentions that Bitcoin has touched the diagonal resistance of an ascending channel. This is usually a bullish pattern marked by higher highs and higher lows. According to Bennett, Bitcoin seems vulnerable in the $52,000 and $53,800 price range. He predicted that the asset could pull back to $46k.
BTC remains vulnerable while below this $52,000 – $53,800 area. If I’m wrong, then Bitcoin should clear this area and base above it. Until then, I’ll remain bearish. No emotion needed.
Bennett declared that he is not fully convinced as the $49,009 to the $52,000 are similar concerning a higher timeframe swing. On the Bitcoin future price move, analyst Michaël van de Poppe has also disclosed that there could be a massive correction that could take Bitcoin down to 40% below the current price. However, the asset could bounce back to hit $150,000. In his explanation, de Poppe stated that sentiment has always been a wrong indicator. His reason is that emotions exceed reality. The analyst advised investors to devise a strategic plan that is in line with their risk tolerance and investment horizon.
If your horizon is relatively short, then it might not be +EV to buy an asset that appreciated 35% in 10 days.
The analyst further estimated that the pullback could come at $53,000 and $58,000. In this case, investors who enter the market after 20% to 40% correction could make a profit.
If your horizon is 2-3 years from now and you suspect to see Bitcoin at $150K+ in that window, then there’s no big issue of starting to scale in at these prices.
