Crypto investors are looking to technical analysis to see what will happen to Bitcoin price in the short term as uncertainty about the market’s next move increases.
Is Bitcoin ready for a major upside move? Here’s what crypto experts say
According to a tweet by crypto analyst Mustache on October 17, Bitcoin is preparing for a significant move to the upside. The technical analyst says traders should use their current levels by looking at the chart below:
Bitcoin (BTC) will experience at least one last big push to the upside. Current purchase levels are a giveaway.
Michaël van de Poppe rally to $22,000
Meanwhile, popular Twitter analyst Michaël van de Poppe expressed that he is still waiting for this breakout while looking for a long position in Bitcoin around $19,300 or short at $19,600. Van de Poppe also expects “a rally to $22,000 in the coming period”.
Poppe previously predicted a “big move on the horizon” in Bitcoin as the volatility index dips below 25. According to the analyst, this was a “guaranteed recipe for massive volatility.”
Bitcoin lacks whale and institutional attention
However, if the leap in question is indeed to happen, prominent crypto expert Ali Martinez has something to say. In his October 18 tweet, the analyst says that big money is far from Bitcoin as he observed the “lack of activity of institutional BTC players and BTC whales.” Martinez confirmed this shortcoming by looking at the IntoTheBlock data. The on-chain analyst stated that this is evidenced by the fact that “the number of daily Bitcoin transactions valued at over $100,000 continues to trend lower.”
Bitbank’s crypto analyst says the drop isn’t deep enough to cause panic
The market has held steady after rebounding after a massive drop following the release of US inflation data. Saying that the drop was not deep enough to cause panic, Yuya Hasegawa predicts that Bitcoin will be above $20,000 again in the coming days:
It’s been another tough week for the stock market until CPI, so Thursday’s recovery will likely trigger the easing of recent risk aversion, which could have a positive impact on Bitcoin price. If the price recovers the $20,000 psychological level with significant trading volume in the next few days, it could test $23,000 next week.
October was a strong month for the crypto market in general. However, it is not yet clear how the prices will follow until the end of the month. Kaiko analyst Conor Ryder says this will largely be resolved with a move to the upside:
With trading volumes at yearly lows, Bitcoin and Ethereum are crying out for the next crypto-specific catalyst that will kick off another bull run and diverge from equities. Merge has proven once again that macro is king, and we saw that last week with a volatile response to the CPI.
Conor Ryder expects sideways moves until next Fed move
Bitcoin rallied to around $19,900, especially in its massive recovery last week. Ryder agreed that a significant break above $20,000 could start a new higher:
Crypto markets have seen a respectable recovery since the initial reaction to the inflation reading, and investors are currently watching the psychologically important $20,000 level for Bitcoin. Breaking this level will result in a rally higher…Crypto and stocks look set to move together for the remainder of the year, both likely to remain sideways until there is a hint that the Fed will begin to reverse its recent monetary tightening regime.
As you follow on Kriptokoin.com, Bitcoin continues its sideways course around $19,500.
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