From renowned Twitter analyst CryptoKaleo to a company expecting $500,000 in Bitcoin, we’ve compiled the week’s top price predictions. Let’s take a quick look at what analysts have been saying lately, keeping in mind that the forecasts are not certain. Here are the Bitcoin predictions from 6 big names…
Analysts say Bitcoin price boom is imminent
In his latest tweets, veteran trader Scott Redler said that Bitcoin is ready for a new rally. These comments come after Bitcoin traded in a narrow range for several weeks. Last month, Redler predicted that if the Bitcoin price breaks $17,600, it will drop to $10,000. BTC now fell below the S&P 500 last week for the first time in two years on a volatility basis.
At the same time, the extremely high derivatives volumes suggest that this is just a calm before the storm. Arcane Research analyst Vetle Lunde predicts that Bitcoin is on the verge of an “explosive” rally.
Bitcoin prediction from CryptoKaleo: Rise “close”
Similar to the analysts above, Twitter analyst nicknamed CryptoKaleo from Twitter says that the rise is imminent. CryptoKaleo’s predictions came in the $19,500 region, where BTC price recovered above monthly and weekly resistances.
UPTOBER IS BACK pic.twitter.com/DU1ZYATgQu
— K A L E O (@CryptoKaleo) October 23, 2022
CryptoKaleo is now optimistic that the BTC price will return to the $28,000-30,000 level. This zone was a level that Bitcoin lost in June following the Three Arrows Capital and Terra collapses. CryptoKaleo also believes that current levels are bottoming out. The charts below compare Bitcoin’s 2021 and 2017 bull cycles.
Just a reminder – I still believe the bottom is in.
Here’s one more look at the 2021 ATH cycle vs. 2017 ATH cycle.
Up is imminent. pic.twitter.com/osVc6a2lYu
— K A L E O (@CryptoKaleo) October 22, 2022
Analysts at Jacob Crypto Bury are also bullish
Analysts’ revived hopes for Bitcoin (BTC) are about the leading cryptocurrency reversing its weekly open. Analysts at Discord host Jacob Crypto Bury agree with this trend. The shares made on the server yesterday were quite bullish.
Onchain Edge claims its comparisons to November 2018 for Bitcoin prediction are incorrect
CryptoKaleo, one of the above analysts, had predicted a reversal by comparing BTC’s transition peak cycles. However, CryptoQuant analyst Onchain Edge says this is completely false. Analst claimed that analysts comparing Bitcoin’s current price action to November 2018 were wrong:
Many analysts believe that the current $19k BTC is similar to the $6,000 BTC in November 2018. They are wrong about this bear market.
https://twitter.com/cryptoquant_com/status/1583358740472147968
According to the analyst, the market is already in a bear market and has experienced a similar decline to November 2018. According to the analysis, the drop from $6,000 to $3,000 in November 2018 is very similar to the drop from $30,000 to $18,000.
Onchain Edge sums it up in the comments by saying that it’s a good time to start accumulating Bitcoin on a dollar-cost-average (DCA) basis. According to the analyst, even if the price drops, the bottom is near.
https://twitter.com/cryptoquant_com/status/1583358740472147968
Meanwhile, CryptoQuant chairman Ki Young Ju also expressed similar sentiments in a tweet on Friday. CryptoQuant CEO highlighted much stronger fundamentals for buying Bitcoin now compared to 2018. In the comments, Ki Young Ju said “just buy Bitcoin”.
"Institutions are coming."
"Whales are accumulating BTC."
"Hashrate hits the all-time high."
"Long-term holders are not selling BTC."
"Crypto has fundamentals."
Guys, these are not memes anymore unlike the 2018 bear market. It's time to take those facts seriously.
NFA.
— Ki Young Ju (@ki_young_ju) October 21, 2022
Bitcoin price continues to consolidate
The consolidation process has continued since the crash on 18 June. Bitcoin fell as much as $ 17,593 in this process. Market makers have been busy sweeping the crucial declines since then. On October 13, price action in the $17,935 region created equal bottoms. It summed up the sell-stop liquidity that remained below all the low volatility that occurred after June 19th. Akash Girimath, one of FXStreet analysts, says that if Bitcoin is more consolidated at current levels, we can test the resistances between $20,048-20,306-20,737.
On the on-chain part, IntoTheBlock’s IOMAP model adds more confidence to a possible shift of the 30-day EMA and an uptrend. Transaction data specifically shows that around 2.41 million addresses bought around 1.30 million BTC at an average price of $19,184. All in all, there is a good chance for BTC to have a bullish week as the techniques and on-chain metrics are compatible.
For the bears, moves in the $17,917 to $19,951 range will be quite critical. The bulls need to be especially careful with $18,934. This level will turn the psychological advantage in favor of the bears. In such a case, the ascension thesis will be completely invalid. The bears will want to see more corrections to the $17,000 or $15.551 support levels.
Cathie Wood still hasn’t sold 400 Bitcoins despite the bear market
Cathie Wood, the founder of crypto money investment firm Ark Investment, announced that she bought and still holds $100,000 worth of Bitcoin (BTC) at $250. Wood shared in a new Youtube interview that he invested $100,000 while BTC was at $250. Despite BTC’s 79% loss from the top, the famous CEO and company do not prefer to sell. As for the price target, Wood said in part of the interview that they would expect $500,000. An analyst from Ark Investment claimed that the price of Bitcoin will reach $1 million by 2030.
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