7 Master Analysts Announced: These Levels Are Expected For Bitcoin!

Bitcoin (BTC) recorded its worst weekly performance in the last two months, after recovering slightly on August 20. The leading crypto fell as low as $21,000, causing $470 million liquidation in long positions. Now experts are examining the new chart to predict which direction the BTC price will take.

Analysts are waiting for these levels in Bitcoin price

On Friday, August 19, analysts as well as investors were baffled as the total value of the cryptocurrency market fell 9.1%. Aksel Kibar from Twitter says that despite the optimistic outlook, the trend is reversed:

Sometimes inverting the chart and looking at it is a good practice. This eliminates bias as much as possible. It was BTC/USD chart on a weekly scale, but reversed.

paradotor

Paradotor, on the other hand, highlighted the possibility of Bitcoin falling to $13,000. The popular analyst wrote on Twitter yesterday:

CrytoKemal

Bitcoin is currently trading around $21,350. This level gained momentum from the $20,700 region where CrytoKemal expects an upside reaction. CryptoKemal expects Bitcoin’s momentum from the $20,700 region on the evening of August 20 to continue up to $22,300. As critical support in the following direction, the analyst wrote:

Selcoin

He pointed out the dollar and USDT dominance on Selcoin, citing his latest Youtube post. According to the analyst, it will not be productive to talk about a positive scenario without exceeding the $ 21,400-21,700 resistance.

Benjamin Cowen

Just like Selcoin, Benjamin Cowen drew attention to the dollar balance in his latest analysis. Cowen says Bitcoin has historically been inversely proportional to the US Dollar Index (DXY). DXY measures the value of the dollar against a basket of six foreign currencies. Cowen interprets the index as follows:

Now most of the time, when you see the dollar go up, it’s kind of like a wrecking ball: it causes a lot of other things to go down. In general, you can see this as people fleeing to the relative safety of the US dollar.

In particular, Cowen adds that the dollar index has been in a general macro uptrend since 2008. He also notes that the dollar index tends to correlate with sharp upward movements and vice versa.

The overall relationship as we’ve discussed is that as long as the dollar rises, we would expect Bitcoin to remain in a more or less bear market or very early stages of accumulation.

Bozokcoin

Another analyst, Bozokcoin, says that currently market trends revolve around Ethereum. This is due to the Ethereum update scheduled for September 15. Bozokcoin includes detailed analysis of critical technical levels, only 26 before the merge date:

It seems like it will be possible for my 28000 target to be realized in the next month…. While Ethereum is going to 2400 level, Bitcoin should see 28000 as well. This way, they will not lower the dominance below 38. It is necessary to watch ETH rather than BTC… Developments will be experienced in ETH anyway, it was led by ETH in the last rise. He put alt coins after him. He should make a bottom between 1550-1600 in ETH and set his target to 2400. The ETH merge event is an important development.

Rekt Capital

Twitter analyst nicknamed Rekt Capital says ETH needs to hold its position to recover from the current drop. Although the analyst expects a drop to $1,550, it showed a positive outlook in the long term:

ETH is now attempting to successfully retest this orange area as support. Hold orange as support and ETH may move towards $2250 (black). As long as there are ETH Weekly Closes within this current orange area, the downside wick to ~$1550 would be fine.

Meanwhile, the analyst said that Bitcoin lost the support of the 200-week moving average as the current crypto market melted. However, with a sudden jump, recovery will be possible. Finally, Rekt Capital says:

If BTC indeed confirms a breakdown from the 200-week MA… Then a relief bounce can occur to turn the 200-week MA into a new resistance. The 200-week MA represents the ~$23200 price point