Popular crypto analysts conveyed their expectations for Bitcoin (BTC), the largest cryptocurrency by market cap. While some analysts argue that the decline in BTC will deepen, some expect an explosion in the coming period. Here are the expectations…
TechDev explains the latest on the market: It should start taking off
A widely followed crypto analyst says altcoins should start skyrocketing as soon as next year. The trader known as TechDev says altcoins look poised to launch a massive rally next year, despite the recent negative expectations and narratives centered around the crypto industry. Expectations and narratives aside, he reports that altcoins are still in a forming phase towards 2023.
The analyst also states that the current correction of Bitcoin (BTC) is consistent with the patterns seen before and BTC has the potential to record a lower high from its all-time high at some point. “Structurally, this fix feels more familiar than different,” according to the analyst. Also, if the sudden peak in April 2021 had been more, it would have been a lower high of $69,000, which is BTC’s record high. Therefore, it would have been easier for the participants to accept the correction that started 18 months ago.
TechDev also argues that if Bitcoin’s current chart had been turned upside down, BTC bears would now largely short sell. Recently, the analyst said that based on his interpretation of Elliott Wave principles, BTC could target the $100,000 to $120,000 range at some point next year. Elliott Wave Theory is a technical analysis system based on the idea that price impulses occur in a series of waves driven by crowd psychology. It assumes that a trend comes with five major waves and each major wave consists of five other minor waves.
Crypto Capo points to bull trap for Bitcoin
A popular crypto analyst who accurately predicted the collapse of Bitcoin (BTC) in May 2022, as we reported on cryptokoin.com, predicts what will happen next for the BTC and crypto markets. Capo details what can happen to the crypto markets on both higher and lower timeframes. The higher time frame includes charts from one hour to one day. The lower time frame includes charts from one minute to 15 minutes.
Looking at the BTC chart, Capo says he expects a bull trap on the lower timeframe and lower lows and lower highs on the higher timeframe. He states that he expects the largest crypto to form a local bottom in the $12,000 to $14,000 price range. According to Capo, the crypto industry is full of bearish signals, leading him to think that altcoins could follow BTC’s downtrend and fall by 40 to 50 percent. He points to the following items as signs of decline:
- Retesting low levels everywhere.
- Hidden bearish divergences on several time frames.
- Jumps showing clear bull trap features.
- The supply is coming (too much)
- People rejoice at $16,000 prices… $12,000-14,000 and a 40-50 percent drop for altcoins is just a matter of time.
Michael van de Poppe drew attention to $16,350 and $16,400
Another prominent crypto strategist, Michaël van de Poppe, predicts that the coin will face resistance in the near future, saying he believes BTC needs to hold the $16,250 to $16,400 level for it to thrive. The analyst uses the following statements:
Bitcoin is facing critical resistance that it has yet to break. Slight consolidation is taking place. If there is another test and likely acceleration at $16,900, the buys are done. Then we target $18,4000. It should definitely hold $16,250-16,400.
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