Bitcoin price stepped above the crucial $20,000 level. Analysts are now updating their forecasts on where the BTC and altcoin market might go. Here are the expectations of technical analysts like Rekt Capital and Jason Pizzino.
Analysts map where Bitcoin and altcoin rally will lead
Widely followed crypto analyst Rekt Capital updates on Bitcoin (BTC) and artificial intelligence (AI)-focused altcoin project Fetch.ai (FET). Rekt says Bitcoin is on the verge of confirming a bull market after recovering this week. However, the analyst also warns that it may take several months to break important bear market trend lines.
In its current analysis, supported by technical charts, Rekt Capital states, “BTC is trying to break beyond the multi-month downtrend line on the weekly timeframe. The weekly close above the trendline most likely confirms the breakout. But the most important trendline to break to confirm a new bull market is the macro downtrend on the monthly timeframe. Therefore, BTC is in a transitional phase. It is near the end of the bear market and the start of the new bull market. This stage may take several months.”
While the current momentum is strong, it takes a little more time to say that Bitcoin has definitively started to recover, according to the crypto analyst.
Fetch.ai (FET)
Rekt Capital says it is positioned on the artificial intelligence (AI)-focused altcoin to confirm a higher support level of $0.262 after it rallied along with the broader crypto markets rally:
The FET follows the green path and eventually reaches the blue resistance. Now I’m waiting for confirmation on whether the FET can turn the blue level to support or if the price needs a healthy dip towards the red.
Bitcoin and altcoins offer serious opportunities to Michaël van de Poppe
A widely followed crypto analyst is keeping track of where Bitcoin might go after its explosive rise above $19,000. Poppe says he is watching closely how long the bulls will stay above $21,000.
Even though BTC is still 70% off its ATH level in November 2021, Van de Poppe still observes what he describes as “bullish enthusiasm” on social media. Despite the positive sentiment, the crypto analyst still thinks the majority of the world is bearish on BTC. However, he also thinks that this presents a golden opportunity for investors:
The majority may hate Bitcoin and the majority can expect new lows and a sustained bear market. But this presents a huge opportunity, don’t you think? Presumably Bitcoin wants to take the tops soon and then fix it.
Smart Contracter draws attention to this altcoin project
Another crypto analyst took to Twitter to detail his plan to set aside the bearish trend in BTC price. His new decision was based on the recent Bitcoin price moving into a higher range. Smart Contracter noted that Bitcoin could outperform other cryptocurrencies in the future. He explained that the price action of BTC is currently more impressive due to the impulsive trend. The analyst explained that he wants to take long positions in his trades when the opportunity passes through a breakdown.
He also predicted charts to explain the possible price trend for Bitcoin. For example, he predicted that Bitcoin would rise by more than $18,800. He also used Elliot Wave Theory to support his technical analysis for BTC.
now that #btc broke out of this slow choppy grind up, im scrapping bearish bias and looking to long pullbacks.
Price action looks impulsive to me now and i also believe with btc on the cusp of taking out the december high btc dominance will rise and btc outperform alts. pic.twitter.com/3oOYmky5Pb
— Bluntz (@SmartContracter) January 12, 2023
Avalanche (AVAX)
After Bitcoin, Contracter looks at the Avalanche (AVAX) chart. At this point, the analyst mentioned that AVAX seems to have bottomed out after a 90% retracement from the ATH level (ATH). According to the analyst, a downside correction from Avalanche will be a buying opportunity.
Jason Pizzino predicts a sharp recovery for the leading altcoin
Recent analyst Pizzino mentioned that despite all the enthusiasm above, Ethereum could see a correction soon. In a new video, the analyst says that Ethereum’s bear market downtrend remains intact with a market rally of over 10% this week:
On a log scale, we have yet to break the bear market downtrend, where we haven’t passed the monthly swing highs of around $1,700 and $2,000. So, there is still some resistance for ETH or a significant amount of resistance on the upside.
As we mentioned in the cryptokoin.com analysis, Ethereum climbed to $ 1,500 on January 14. Pizzino says we could hit the lowest levels recorded in December 2020 in the correction he expects in Ethereum.
These will be the two key areas – $1,080, watch this level and then watch the dollar. If these levels start to break, we will probably test this particular region [between $700 and $900] and this could lead to much cheaper ETH prices. Hopefully, we can get something between $700 and $900 in ETH. Far away, maybe not. But here are the key areas to watch for Ethereum.
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