It is possible to attribute the continued recovery in the cryptocurrency market to the remarkable 19.04 increase in Bitcoin (BTC) last week. The bullish momentum has given a signal of hope for many investors, especially traders. Analysts share their predictions about BTC’s next route.
Bitcoin embarked on a journey towards ATH levels!
Bitcoin remains the largest cryptocurrency by market cap. It is also known as one of the most unpredictable volatility tokens. The analyst, nicknamed CredibleCrypto, reassured that, judging from Bitcoin’s current price action, the BTC price is currently stable in the $29,000 to $30,000 price range.
Update to the $BTC idea/video from yesterday:
Now that we have cleared the local supply zone where I said we should be cautious, I'm once again bullish on LTF as well.
If this is an impulsive move and the start of our accelerated move to new all time highs, we should hold the… https://t.co/PkKF0RNhQw pic.twitter.com/X6dIMJLXlK
— CrediBULL Crypto (@CredibleCrypto) June 22, 2023
For the first time since April, Bitcoin price retraced the $30,000 resistance level. It also managed to translate as support for over 24 hours. CredibleCrypto predicts that with Bitcoin rising from the $25,000 price range, the $30,000 support will need to be adequately protected and, if done, could mark the “start of the accelerated move to all-time highs.”
Bitcoin bottom buyers ‘ready’ for $28,000
As you follow on Kriptokoin.com, BTC volatility calmed down overnight after rapid gains. BTC price performance was impressive, returning to the $30,000 level for the first time since mid-April. Now hopes are rising on a modest correction that provides lucrative entry points for more ‘long’ positions.
Not shorting, waiting for an entry lower. pic.twitter.com/WgIibKQAs9
— Ed_NL (@Crypto_Ed_NL) June 22, 2023
“Bitcoin is looking at this scenario,” Michaël van de Poppe, founder and CEO of trading firm Eight, told his Twitter followers. The analyst said, “I think $28,500 is a great point for entry. The lower the better. However, I think this is the territory you want to get before moving on to $40,000,” he says.
BTC explanatory chart / Source: Michaël van de Poppe/TwitterOther trader Crypto Tony is keeping a more modest target of $32,000. Trader Jelle, on the other hand, is evaluating long-term levels beyond the all-time high of $69,000. In this context, Jelle makes the following assessment in part of the analysis of the day:
After the falling wedge break, we are now back at the key resistance: $30,000. The price seems to be stalling a bit. This shows that we may catch some dip buying opportunities soon. I personally watch $29,000 and $28,000. If we see it, I’m ready to take it.
BTC caption chart / Source Jelle/TwitterBTC price volatility is “no exception” to the norm
Meanwhile, on-chain analytics firm Glassnode, which has analyzed the nature of the recent upswing, says that Bitcoin is not doing anything out of the ordinary. Volatility followed a long period of sideways BTC price action familiar to many other breakouts. A chart shared by Glassnode shows 30-day highs and lows over the years, while the previous month is described as “extremely narrow.” Glassnode comments:
Historically, extremely narrow trading ranges have preceded large, volatile moves in either direction. Therefore, the 30-day Bitcoin High and Low price range can be used as a forward-thinking indicator to spot the upcoming surge, with the exception of the latest rally.
Bitcoin 30-day high and low price explanatory chart / Source: Glassnode/TwitterBTC ends correction, here’s a potential target
Saying that the correction is over, crypto analyst David also evaluates the technical picture of BTC. Bitcoin price successfully turned the neckline of the long-term inverted head and shoulders (H&S) pattern as support (green arrow) for the week of June 12-19, after being rejected by the $31,000 (red arrow) resistance level. This shows that the last correction was just a retest in the uptrend. So, it’s an important bullish development.
Therefore, it is possible for BTC price to rise towards $35,000, which is the target of the H&S pattern. Thus, it is likely to show an increase of more than 20% from the current level. The weekly RSI indicator showed a significant bullish divergence (blue line). It also supports this possibility, as the RSI is rising from the 50 level.
BTC weekly chart / Source: TradingViewThe most likely outlook shows that BTC has completed its correction and resumed its long-term uptrend. The closest target is $31,000 and the higher $35,000. However, this perspective will be invalidated if the price dips below $27,400 and pulls back inside the channel.
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