Bitcoin (BTC) narrowed its consolidation range on March 18. So, what moves might be next? What else happened in Bitcoin? Here are analysts’ comments on what’s to come in the near term…
Traders await a “paradigm shift” for Bitcoin
The data shows that BTC has held the $40,000 support overnight, with that in the analysis on Thursday. highlighted as “important”. As we reported on cryptokoin.com, after the US Federal Reserve’s (FED) interest rate hike approval, macro cues waned with the lack of new triggers that generally stabilize markets in Europe. For Trader Crypto Ed, either a target area of $43,000 will continue in the next few days or the current trend will turn bearish.
However, analyzing the Elliot Wave pattern for the 4-hours BTC/USD chart, he noted that the cycle was “still bearish” before breaking a high range of $45,000. The analyst said that these moves “will be the signal for me to open a long position,” as it could signal a strong bounce, especially during a pullback.
Significant milestone reached on Lightning Network
Twitter trader Zima even highlighted a long-term trend break for balance-related volume (OBV), while other participants are increasingly bullish on the outlook . The increased OBV reflects increased demand for an asset at the current traded price. Zima said, “Not a single line has moved in OBV since I started watching the action 8 weeks ago. Then we move up and reversing the 20-day OBVMA. After one year, we are at the peak of a multi-month upward continuation,” he said.
Allen Au joined the optimistic sentiment and was the best in Bitcoin’s 2022 range. He predicted a potential move with $46,000 at the top. This week ending has marked a new success for Bitcoin network growth, especially the Lightning Network, which surpassed its 3,500 BTC capacity. “Don’t forget the Lightning Network, which continues to grow at an impressive rate,” said on chain analyst Dylan LeClair of the statistics.
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