After bitcoin price broke past $44,000 on Monday with a temporary retracement, crypto traders are focusing on potentially vital bottom areas. In this regard, Gareth Soloway, chief market strategist at InTheMoneyStocks, who thinks that wave 2 is approaching, said that the price could touch $20,000 at some point. As Kriptokoin.com, we are providing the details…
Bitcoin still under the threat of $ 20 thousand
After the Bitcoin price briefly exceeded $ 44,000, crypto investors focused on the bottom levels. According to Gareth Soloway, Bitcoin can linger at low prices when there is too much geopolitical risk. Speaking to Kitco News on Tuesday, the veteran technical analyst reiterated that even though Bitcoin is bullish in the long term, it could fall further in the medium term. Gareth made the following statements in his statements:
I think we are in a bigger bear cycle. Yes, I believe we will eventually see another leg down to $20,000.
When asked about the reason for their claim, Gareth points out that the price is increasingly forming a bearish flag:
What traders need to understand here is everything in the technical analysis field. Everything is based on probabilities. Therefore, when you see a sharp downward move like a bear flag formation, there is inevitably a period that creates a larger downward trend that goes sideways for extended periods of time.
Analyst thinks Bitcoin can be strong against resistance
In bullish prospects, Gareth says that even though it faces various resistances, Bitcoin can still go a little higher:
In the short term , I think it could be a little more upside but that could be capped around $42,000. If the price manages to break it, it has to deal with another $47,000 ceiling before it moves to $52,000.
Meanwhile, Twitter analyst ‘Rekt Capital’ predicts Bitcoin could go higher this month, especially after the price closes a monthly candle above $35,000, the double top formation He thinks it will be invalid. However, he notes that price must break above the 21-week EMA (green) and 50-week EMA (blue) to close the volume gap, after which it can easily return to prices between $45,000 and $65,000.
Finally, Binance analysts have interpreted Bitcoin’s recent steep declines as “not new to seasoned BTC investors”, and fundamental reports such as individuals and institutions continuing to buy the dip can push Bitcoin further above the current ATH level. They pointed out that he was positioned to jump.
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