Bitcoin price is trading around 44 thousand dollars, while analysts are discussing the levels it can reach during the year. Could a supply shock come after a sudden rise? What levels are critical in ascension? We have compiled analysts’ Bitcoin price expectations for Kriptokoin.com readers.
Is a 200% rally possible in Bitcoin (BTC)?
The popular YouTube channel InvestAnswers has presented a scenario where the value of Bitcoin (BTC) could quadruple. The analyst tells his 409,000 subscribers that many people keep Bitcoin on exchanges for flexibility, even if they are no longer willing to sell it. According to the analyst, a spike in buying pressure and supply shock could trigger a supply shock, causing Bitcoin’s value to skyrocket:
Someone trying to buy between 100,000 and 200,000 Bitcoins in a week or two would have to create a massive macro disturbance. In a relatively short time this will triple the market. That’s all it takes, because many people have cryptocurrencies on exchanges but don’t want to sell it…Many people like me are determined not to. As a result, the measure offered for sale on exchanges varies widely. However, everyone has a price, and the higher we go, the more sellers there are and the flatter the market. But if someone tries to make $100,000 to $200,000 in less than two weeks, we’re going to have a problem. This is possible because we live 3 times in one night.
Bitcoin price preparing for 46,930 resistance
While Bitcoin (BTC) is recovering from a few months of decline, there are analysts arguing with optimistic arguments. According to Cred on Twitter, Bitcoin warns that it is currently facing heavy resistance around the midpoint of the $46,930 range:
As you can see from the charts, there is a pile of resistance at this monthly and weekly level between $44,000 and $47,000 and There are also these cheeky higher timeframe moving averages stacked above it, perhaps to meet a wick before these ultimate reversal targets.
Cred points out that Bitcoin’s response to the range midpoint is critical, as it could be decisive as to whether BTC will continue to rise or correct all the way to range support. While the crypto analyst believes that the midpoint of the range will provide some resistance, he also describes an “extreme bullish” scenario where Bitcoin breaks $46,900 to $58,800:
A number of factors, a resistance level between $47,000 and $48,000. merges as. On a monthly basis, he did not provide much help. Perhaps the extreme bullish scenario from 5 percent to 10 percent is similar to the market not making a recovery or a significant bounce at the midpoint and will not show any resistance at this level, but instead will move directly into the higher range.
Cred refers to the price of Bitcoin from November to January, when it dropped from the ATH level of $69,000 to $33,000 without a major reversal. On the positive side, the crypto expert claims that BTC could go on a parabolic climb without any significant pullbacks.
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