Bitcoin price has fallen by about 12% since hitting $48,238 on March 28. It is currently swinging between support and resistance levels. 2 Popular crypto analysts examined the Bitcoin price chart and expressed bullish expectations. As Kriptokoin.com, we convey the opinions of the analysts.
Bitcoin price rally expectation
Cryptocurrency analyst Akash Girimath said that he is bullish due to the 50-day and 100-day Simple Moving Averages (SMAs) on the Bitcoin chart. According to the analyst, BTC is likely to increase its price to $ 44,580 with a rally. The analyst added:
Clearing this hurdle quickly will open the way for the bulls to test their strength by breaking the 200-day SMA at $48,248. If the buying pressure is strong enough to overcome this major hurdle, Bitcoin price has a good chance to retest the $50,000 psychological level. Such a development would also mark the $52,000 ceiling, paving the way for more gains.
According to the analyst, this level will be where the rally ends if the roughly 21 percent rise he expected comes true. In addition, the analyst said that a downside break could bring the Bitcoin price down to $ 34,753 and continued as follows:
While the fundamentals of the Bitcoin price show a very optimistic outlook, the techniques do not follow it. Therefore, a daily candlestick below $40,490 would invalidate the bullish thesis for Bitcoin price and open the way for more descents to $34,752.
BTC price offers buying opportunities
The famous cryptocurrency analyst, known by the alias TechDev, said that an on-chain indicator with a history of searching for highs and bottoms is giving a strong bullish signal for Bitcoin. The analyst said that Bitcoin tracks the dormancy flow metric and stated:
The periods between the dormancy flow emerging from the green zone and the three-week bull presented some of the best buying opportunities for Bitcoin in the last 10 years. In my view the asymmetry here is very inverted.
TechDev also mentioned another chart that combines the two indicators, suggesting bullish price action on the horizon. The analyst says that Bitcoin holds it above Kijun-Sen, which is traditionally used in the Ichimoku Cloud and calculates the average price of the last 26 periods. The analyst combines Kijun-Sen with an indicator that shows the progressive width of the Bollinger Bands. Traditionally, a low or narrow Bollinger Bandwidth indicates that the cryptocurrency is preparing for volatile price action. Regarding his analysis, the analyst said:
Bitcoin retraced three-week Kijun-Sen at historically low Bollinger Band width. With impending volatility, macro suggests bullish momentum.
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