The Bitcoin (BTC) chart shows that $52,500 should be a very difficult resistance level to cross. According to historical data, similar price movements have resulted in the upside before.
Bitcoin going to $59k?
Veteran market analyst Peter Brandt reminded that on March 28, Bitcoin experienced a sharp upward pullback from $3,100 to $14,000 after drawing a similar triangle formation between December 2018 and April 2019.
Fractal, Bitcoin’s triangle upper horizontal and lower ascending trendline points to the maximum distance between
You can find Peter Brandt’s accurate price estimates here, which we have quoted as Cryptokoin.com.
$69k next?
Meanwhile, independent analyst “Dave The Wave” expects Bitcoin to surge to its current record high of $69,000. The analyst has released his bullish forecast based on a wider ascending triangle pattern, with Bitcoin’s logarithmic support level on a weekly scale. However, the analyst’s setup also reveals the possibility of Bitcoin falling below $40,000 after failing to break $69,000.
Why is $52,500 critical in bitcoin?
Bitcoin’s ascending triangles on both the shorter and longer time frame present extremely bullish views. However, immediate downside risks still exist given the critical weekly moving averages and Fibonacci retracement levels. Notably, Bitcoin’s continued upward move came after it repeatedly tested the 100 EMA as support. Meanwhile, the 0.236 Fib line (close to $36,000) of the Fibonacci retracement chart – pulled from the $69,000 high to the $26,000 low – acted as additional support. $26,000 coincides with the 200-week EMA (blue wave).
Interestingly, the recovery appeared similar to the price movements witnessed between November 2019 and January 2020. At that time, BTC’s price rally exhausted after reaching the 0.618 Fib line (around $10,500) in February 2020, prompting a monthly correction towards the 200-week EMA. If Bitcoin repeats the same move in 2022, its price may reach around $52,500, but then it could return to the 200-week EMA around $26,000. Conversely, a decisive move above the Fibonacci level could trigger ascending triangle setups as discussed above.
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