The Bitcoin (BTC) rally added billions of dollars to the total crypto market cap overnight. The bulls see $41,000 as an important level for Bitcoin price. We have compiled the predictions of popular Twitter analysts, who determine the next critical levels, for Kriptokoin.com readers.
Bitcoin price breaks diagonal downtrend after three months
The Bitcoin Fear and Greed Index is considered a reliable indicator of the change in investor sentiment in the crypto market. The indicator has reached 37/100, the first move out of the red zone from December 2021.
Data hints that the investor outlook is bullish on Bitcoin for the first time in 2022. The index hit its lowest point this year in January when it noted extreme fear at 8/100. As the index rises, investor sentiment becomes less fearful.
Analysts identify critical levels in Bitcoin
Bitcoin price soared to $41,000 overnight, adding $170 billion to the total crypto market cap. Another factor that has increased investor sentiment is Jack Dorsey’s proposal to strengthen the Universal Basic Income (UBI) with Bitcoin. Former Twitter CEO Dorsey proposed Bitcoin-based UBI to US congressional candidate Aarika Rhodes in a recent Twitter chat.
Analysts evaluated the Bitcoin price trend and noted that $41,000 remains the key level for Bitcoin price. Blockware analyst Will Clemente believes the Bitcoin price is following $47,000. Clemente sets a big target of $58,000 for Bitcoin price:
Pretty simple price in terms of action for BTC. I would like to see a higher low (HL) set to continue. Turn the $40-$41 thousand area to support and you can start to see $47K, the PoB combined with the annual open and the STH realized price. The ultimate goal is $58,000.
Popular crypto analyst Justin Bennett predicts that if Bitcoin manages to rise above the $42 thousand resistance level, it can rise by 40%:
The region between $35-36k is support and the region between $40-42k is resistance. As I said recently, Bitcoin needs to break above $42,000 to expose the $45 and $46K resistance area, followed by the $50 to $53,000 resistance area.
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