Friday’s late volatility was widely held, with Bitcoin hitting its highest level since early March, seeing a price of $42,400 on Bitstamp on Saturday. Now, the weekly chart shows that Bitcoin looks set to deliver its best weekly close since early February. We have compiled the price predictions of analysts for Kriptokoin.com readers.
Bitcoin predictions by popular analysts
Analyst Lyn Alden said at the end of last week, “This may change at any moment, but frankly, the Bitcoin price chart looks better than it has in a while.”
Popular crypto trader and analyst Pentoshi warned of a real shift in BTC price action, warning that a potential spike will likely not last long and will eventually herald new lows.
Meanwhile on Twitter, the crypto analyst using the alias Credible Crypto has presented two possible trajectories for Bitcoin based on daily demand that keeps the market at a certain price. The first option involves a break of $42,500 followed by a level of $45,000, while the second option on the downtrend offers a sub-target of $32,000-$29,000.
However, trust emerges over longer time frames. In another update on Sunday, Credible Crypto evaluated, “As long as the price continues to close above 34k on the W3 timeframe, this hidden bullish div is likely to play out and send us to the new ATH.”
BTC-correlated indices make a last-minute comeback
Despite the ongoing Russia-Ukraine war, European stocks rallied on Friday, a situation that market commentator Holger Zschaepitz described as ‘totally crazy’ appeared. “European stocks have recovered from the shock of Russia’s invasion of Ukraine,” commenter said:
Stoxx 600 fell 10.6% to its lowest point on 7 March before the invasion on 24 February. After the biggest weekly rally since November 2020, it’s now back where it started.
According to analysts, if unexpected optimism persists, Bitcoin could rise as its correlation with stock performance continues.
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