Familiar support zones are back on the radar after $25,000 has proven to be too much for bitcoin bulls. As the bears continue to form stiff resistance towards $30,000, 4 major analysts are mapping the steps of the rally.
Crypto hedge fund manager predicts parabolic moves for Bitcoin
Morgan Creek Digital managing partner Mark Yusko said that Bitcoin (BTC) is already at the bottom. The senior analyst also expects a massive rally in less than a year. Yusko’s comments came from a new interview with Stansberry Research. The expert says that Bitcoin is ready to move in about half a year:
I think the crypto spring is here. We still have a ways to go from crypto summer when we get another parabolic move. But that will likely happen in six to nine months.
The crypto hedge fund manager is also looking at choppy price charts to highlight the importance of the blockchain represented by Bitcoin. For Bitcoin versus other assets, he says:
Bitcoin is an excellent store of value. It’s basically digital gold. Gold is the only money in the history of the world. Bitcoin is as good as gold. Equally scarce, but more divisible and more portable.
Yusko goes on to explain why, since the end of 2021, Bitcoin has not been worried about big losses. He states that he believes BTC reached a cycle bottom around $17,500 in mid-June.
Important price levels to watch as BTC drops 5%
Bitcoin capitulated on August 12 as the drop from its two-month high began to take shape. The BTC price hit its highest levels since June 13 amid the enthusiasm for the falling US inflation with the news that BlackRock has launched a Bitcoin private fund. Some commentators are hoping that Bitcoin will eventually cope with resistance near $30,000. But others remain cautious, skeptical that a new downtrend could continue.
https://twitter.com/CryptoTony__/status/1558062214422188032
Capo, one of the popular Twitter analysts, said in his latest update during the day, “Volume is dying. Channels are not impulses, but corrections,” he said. According to the analyst, although the eyes are high, the bulls are not able to provide enough power:
Most people expect 28k or higher, but the big level is 25000–25500.
In another tweet, Capo reinforced the idea that recent gains are part of a “bear market rally.”
“If it rejects 200 MA, be ready for bearish”
Meanwhile, fellow analyst Jibon has just drawn attention to Bitcoin’s 200-week moving average (MA), which is currently close to $23,000. After reclaiming it during the uptrend, the key bear market support level was now fast approaching as the spot price weakened. The analyst warned in part of a new post that day with the message “If the 200 MA rejects, be prepared for a drop”
$29,000 for Bitcoin still on the cards
Meanwhile, with more perspective, Crypto Ed has been stuck on forecasts of further earnings for Bitcoin and Ethereum. After calling the journey $1,900 for ETH, he said there was a breakout of $29,000 for BTC on the cards.
Few weeks ago I called for $ETH to $1,900 and also showed an even more bullish scenario.
3 charts:
1) hourly: in correction, might drop like the doodle or take off from here
2) 4hr: clearly consolidationg below resistance
3) Daily: break resistance and next target = red box pic.twitter.com/971G1J4OSM— Ed_NL (@Crypto_Ed_NL) August 12, 2022
In an accompanying YouTube update, Crypto Ed added that if a pullback later enters, a suitable long position for BTC would be $23,400. According to the analyst:
Is there anything downside for me? I think it will only happen if we break below $22,000 and retest that level to the downside.
TechDev describes Ethereum’s price action as “very strong”
Regarding Ethereum, TechDev stated that ETH has regained its 20-week exponential moving average. He also added that BTC is “still fighting” its 10-week equivalent.
As you follow on Kriptokoin.com, Bitcoin is trading at $ 23,972.05 at the time of writing.
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