According to crypto analyst Yashu Gola, hopes for a relief rally are rising as Bitcoin (BTC) price remains in the $34,000-45,000 range. Bitcoin looks set to test the $43,000 level in March, according to a technical setup shared by a market analyst alias Rekt Capital. We have compiled the predictions and analyzes of legendary analysts in the crypto market for Kriptokoin.com readers.
BTC bounces back from solid 2022 support
Bitcoin’s drop to $37,000 on March 7 was met with modest buying sentiment and led to a price recovery above $39,000 on March 8. . Interestingly, Yashu Gola says that the upward pullback is due to the same upward sloping trendline that acts as an accumulation zone for traders in 2022.
Rekt Capital has successfully retested the trendline in its last view Has detected. The analyst states that the move could cause Bitcoin to move above the next $43,100 provided it breaks above the green dashed diagonal resistance as shown in the chart below.
BTC weekly price chart / Source: Rekt Capital, TradingView On March 8, Rekt Capital said, “A successful retest here and BTC could really repeat last week’s move.”
Bitcoin going to $30,000?
The tentative bullish outlook emerged as Bitcoin stuck in a wide trading range of $34,000 to $45,000 for the entirety of 1/2022. In doing so, BTC resisted oversold pressure fueled by fears of rate hikes and ongoing macroeconomic and geopolitical concerns, including the military conflict between Russia and Ukraine.
Filbfilb, co-founder of DecenTrader trade platform, also ‘Bitcoin’ last weekend He stated that ‘in macro level depends on the range’, but reminded that its long-term structure shows that it will be broken to the upside. Flibflib says:
In the near term, if the 50 DMA and 3-day level can prove to be supported, a retest of the $43,000 and higher time frame level could occur.
Flibflib adds that a further break above Bitcoin’s annual pivot level of $48,000 would be ‘indicative of a very important and fundamental change’.
BTC four-hour price chart / Source: Decentrader, TradingView However, Rekt Capital’s upside setup reveals that the probability of Bitcoin extending its recovery to $48,000 is slim. This is because the setup resembles a bearish ‘ascending triangle’ pattern, which is typically a consolidation range that pushes the price further after the breakout move.
Specifically, the profit target of an ascending triangle is calculated by measuring the maximum distance between the two trendlines of the pattern and subtracting it from the breakout level. The chart below assumes the breakout point is anywhere between $37,500 and $45,000. This means that a successful break below the triangle range could cause Bitcoin to drop between $30,000 and $35,000.
BTC daily price chart with ascending triangle breakout targets / Source: TradingView Interestingly, both $30,000 and $35,000 had recently acted as solid support levels for BTC.
Will Bitcoin bottom out?
Flibflib also underlines the $30,000 level (a tried and tested support level) that coincides with the bottom of Bitcoin’s logarithmic regression bands. “The good news is that Bitcoin has less ways to go down because it hasn’t risen that hard,” the analyst says, adding:
Now the intersection at the bottom of the weekly range is important to us, and as in previous cycles, there is no such thing. supports the idea that we will not see a decline.
BTC 3D chart with yearly pivots and log growth curve / Source: TradingView, DecenTrader However, an aggressive capitulation event near the $30,000 level is likely to result in Bitcoin’s failure, according to Yashu Gola. It could cause in to renew its bearish target to the 200-week simple moving average (200-week SMA), a “catch-all level” that marks the end of previous bearish cycles in March 2020 and December 2018. The 200-week SMA is located around $20,000.
43738
