Bitcoin price tries to push $45,000 and above, while analysts are looking for the next resistance levels. In this article, we get the expectations and predictions in this direction from 4 expert cryptocurrency analysts. Details are on Kriptokoin.com.
What’s next for Bitcoin after the $ 40,000 rally?
In a recent Youtube post, Benjamin Cowen evaluated how the stock market could affect the price of Bitcoin (BTC) as Bitcoin begins to break its correlation with global markets. The analyst underlines the developments in cryptocurrencies during the S&P and Nasdaq collapse, which revealed the optimistic picture for Bitcoin. According to Cowen, investors should watch Bitcoin’s performance relative to the bull market support band as it could be a signal for the altcoin market to start to recover. The analyst also closely watches Bitcoin’s bull market support band, which is a technical indicator that combines BTC’s 20-week SMA and 21-week EMA.
The next critical resistance levels of Bitcoin price
Another expert, “Cred”, said that Bitcoin’s retracement of the $40,000 level is the most significant market value according to the technical market structure. says it bodes well for major crypto:
As for techniques, the market is approaching multi-timeframe resistance at mid-$40000. $46000-47000 is a good weekly line.
Cred adds that Bitcoin’s recent rise to the $45,000 area, one of the biggest daily gains in months, shows that resistance below $50,000 has weakened after multiple retests:
There are some signs that resistance is weakening. Momentum/more sustainable trend triggered above $47000 on a higher time frame basis. Non-shallow pullbacks (well below $40000) are likely bearish.
Finally, Cred said that Bitcoin looks constructive after closing February on a high note at $43,953. The analyst says that Bitcoin’s strong monthly close shows that BTC is still trading in a wide range between the $33,000 support and $47,000 resistance. While he believes BTC is still in a sideways market, he adds that if Bitcoin gains resistance at $47,000, it will gather bullish momentum and ignite a 30% surge:
The level I would watch out for is $58,000, the highest monthly closed level. I will add. What is to be deduced from this is that if the $43,000 and $47,000 midrange are broken, I don’t think there is much of a way to move towards the $58,000 high timeframe.
Expert market analysts explained the reasons for the recent price surge
On the market analysis side, senior strategist Tom Lee said that the Ukrainian government’s request for donations in Bitcoin shows the utility of the cryptocurrency and is a positive sign for the market. Market investor Mark Mobius, who agrees with Lee, told CNBC on Tuesday that the fact that wealthy Russians are currently looking for ways to circumvent Western sanctions will benefit Bitcoin and other cryptocurrencies.
11529
