Two popular crypto analysts have similar views that Bitcoin (BTC) will take action this weekend. The first expert sets a 2-week period, while the other says that the price will exceed $27,000 before the new week starts.
Bitcoin analysts are preparing for the new week with bull expectations
Crypto Rover, a Twitter crypto analyst with 500 thousand followers, predicted that BTC will debut at the weekend in his current analysis. Their technical analysis comes after a parallel wedge formed on BTC’s 3-day chart.
“Bitcoin weekend breakout is near,” Crypto Rover tweeted this morning. His expectation is based on the formation of a parallel wedge in the chart he shared. BTC is currently preparing to break the resistance line of the triangle upwards with new HH levels.
#Bitcoin Weekend breakout imminent! 👇 pic.twitter.com/gByXz2okkP
— Crypto Rover (@rovercrc) May 20, 2023
The price of BTC continued its sideways movements in the daily trading session. Thus, it is stuck in a tight range below the psychological $27,000 level. According to Crypto Rover’s predictions, this move combined with the wedge formation will lead to strong volatility over the weekend.
Rover’s estimates covered the period up to the week of May 22. Another technical analyst, CryptoCon, says that Bitcoin will reach higher prices in the two-week timeframe.
Super Trend points to these levels for BTC
Focusing on identifying key resistance levels, Super Trend points to two critical factors that will lead to higher prices, according to CryptoCon’s Bitcoin technical analysis.
First, the market is experiencing healthy resistance around the trend reversal. According to the analyst, this resistance was a positive sign and part of the natural market cycle. It shows that the coin has gone through a necessary consolidation phase before entering a new uptrend.
The 2 Week #Bitcoin Super Trend tells us two important things:
1. Meeting resistance around the trend flip is healthy, and it's happening now
2. Trend resistance comes right before massive bull runs
Want to look like a genius? Just be patient
Higher prices are coming pic.twitter.com/YnU86q71OA
— CryptoCon (@CryptoCon_) May 19, 2023
“Facing resistance around the trend reversal is healthy and happening right now,” the popular crypto analyst says.
The analyst also argued, based on historical data, that significant price increases often follow trend resistance. Similar resistances were observed before a major bull run in previous Bitcoin market cycles. This reinforces the idea that current resistance is a harbinger of higher prices.
How ready is Bitcoin price to rally?
The initial breakout predicted by Crypto Rover could be interpreted as a rally sign given that a major bullish flag is on the verge of triggering on BTC’s daily chart. At the time of writing, the daily RSI line was bullish above the daily RSI SMA line. In addition, the daily RSI was in the oversold territory.
If these two lines intersect, BTC will tend towards $27,000 before surging to $27,723.73. On the other hand, if the price of BTC drops below the next support level of $26,300, it will drop sharply to the next support level of $24,700.
You can take a look at Fed Chairman Powell’s statements last night and the reaction of the markets, which we quoted as Kriptokoin.com.
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