A crypto analyst has identified a bullish chart pattern in Bitcoin (BTC). The analyst predicts an unprecedented rally in the largest crypto asset. Analysts at crypto Twitter explain how a combination of economic factors and policy decisions can push the BTC price higher despite the recession. FXStreet analysts argue that new developments in Bitcoin price are bad for spot buyers.
Is $19,600 for BTC the lowest level investors have been waiting for?
As you follow on Kriptokoin.com, the bets on the Federal Reserve’s aggressive interest rate hikes have weakened. With the effect of this, a new air of vitality came to the crypto money market. Crypto analyst Carl Runefult has shared a new video in which he evaluates the Bitcoin price trend. The analyst identified $19,600 as the bottom for BTC. The analyst says the lowest is probably $19,600 as it was the highest price level for the 2017-18 bull run. In this context, Runefelt notes:
What if this is the 19,600 bottom? What if this is the leap and the reversal of the great uptrend?
Runefelt is exploring the possibility of BTC price bottoming at $19,600 before the bull trend reverses. It then looks for ground for a massive rally to $48,000.
Bitcoin Fear and Greed Index turns neutral
The Bitcoin Fear and Greed Index is widely regarded as an indicator of market sentiment towards the asset. By the way, interestingly, the index turned from ‘fear’ to ‘neutral’ today. The indicator has a scale of 1-100, which indicates fear, greed, and whether the market is neutral on BTC in general.
Analysts spot signs of reversal in Bitcoin price trend
Cici Lu, CEO of Venn Link Partners, thinks that the Bitcoin market may have bottomed out. Lu says in a statement:
The liquidation of leveraged positions seems to be over.
BitBull Capital CEO Joe DiPasquale, on the other hand, pays attention to Bitcoin’s monthly close. DiPasquale states that BTC is retesting support levels between $19,000 and $20,000. He also records the following words of DiPasquale:
Successful bounces in this range can provide the bulls with a solid foundation for a continued rally.
There are also analysts who have the opposite view for BTC.
However, analysts at FXStreet are putting forward opposite views about Bitcoin price. Analysts have an opposite view on Bitcoin and believe that spot buyers may be in a bad position. Therefore, analysts have set a bearish target for Bitcoin price.
The leading crypto BTC is trading at $24,529 at press time, up 2.52% on a daily basis. BTC also gained 10.87% on a weekly basis. On the other hand, the leading crypto stands 64% below its all-time high of $69,000.
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