6 Bitcoin Masters: It’s Time for Levels Now!

Knowledgeable Bitcoin veteran Peter Brandt believes traders place too much emphasis on non-significant resistance. As Kriptokoin.com, we have compiled the opinions and analyzes of Bitcoin masters for you.

Bitcoin master says trendline will affect the market

Analyst Peter Brandt recently talked about those who have pinned their hopes and formed their opinions on the market according to the trend line in the S&P500 index. The ‘magic line’ that traders have highlighted on numerous charts has been circulating in the cryptocurrency and trading communities for the past few weeks, as a break of the line indicates a reversal of the entire market, including cryptocurrencies, as their correlation with most stocks has deteriorated.

However, Brandt does not seem to share the same enthusiasm as other traders and believes that breaking this line will lead to nothing, unlike other traders who are eager to see the rally break out solidly and accelerate.

Unfortunately, the leading analyst does not provide any additional information as to why the trendline that almost every trader and investor has highlighted in his analysis is not relevant or does not provide any momentum to the market. Some users assume that a break of this line does not necessarily initiate a long-term bullish rally, as the technical level does not look that impressive on longer monthly or even weekly timeframes.

The recent break of the line actually did not bring any volatility to the market, even after the index gained ground above it. While Bitcoin and altcoins showed the same momentum, some assets even retreated from their local highs, losing some of the value they had previously gained.

Commented great time to accumulate BTC

SkyBridge Capital CEO Anthony Scaramucci said that Bitcoin (BTC) will have a clear bottom once the Federal Reserve stops raising interest rates to reduce inflation. In a new YouTube interview with crypto phenom Scott Melker, Scaramucci said the Fed is on the verge of changing its hawkish policy, which will cause risky assets like Bitcoin to skyrocket.

He predicts the Fed will soon stop raising interest rates as the government will aggravate its own debt obligations. He also said the Fed may stop raising interest rates as inflation falls.

He adds that if he is wrong, the economy will go into a recession and people will invest in Bitcoin as the US dollar starts to depreciate. Either way, the king says now is the right time to hoard crypto. Scaramucci is also reacting to comments from long-time crypto skeptic JPMorgan CEO Jamie Dimon.

During a CNBC interview while attending the recent World Economic Forum in Davos, Switzerland, Dimon described Bitcoin as an “exaggerated fraud” while comparing crypto to pet gems. Scaramucci says the criticism is a bullish indicator as traditional financial institutions are threatened by crypto technology.

Prices pause over the weekend

Technical analyst Jim Wyckoff covered the sideways price action for BTC over the past few days in his morning Bitcoin update, writing that ‘prices are stalling this weekend after hitting a four-month high earlier this week’.

According to Wyckoff, ‘This pause is not bearish and shows the bulls are gathering energy for another uptrend.’ In its current form, “BC bulls have the firm’s overall short-term technical advantage as there is a steep price increase present on the daily bar chart. This indicates that further price increases are likely in the near term.”

Marcus Thielen, Head of Research at Matrixport, said in the latest Daily Insights report that institutions played a key role in Bitcoin’s 40% rally so far in 2023, with 35% of this 40% occurring during US trading hours.

“This is an 85% contribution of the rally associated with US-based investors,” Thielen wrote. So, we interpret this as a clear signal that US institutions are now buyers of Bitcoin.” Thielen also stated that inflation data is expected to weaken for a while, which could lead to monthly rallies in the crypto market in the near future.

Drop may be seen for liquidity test

As for the Bitcoin price action on Friday and what traders can expect going forward, Michaël van de Poppe, founder of Eight Global, posted the following tweet outlining what he expects in the near term. Analyst ‘there may be a distribution for Bitcoin where we will head south to test some levels and liquidity.’ said.

This is further confirmed by market analyst Rekt Capital, who tweeted looking at the monthly chart for Bitcoin and suggested that it should close above $23,400 to provide a chance for a higher breakout.