After trading close to $39,000 in the past few days, the price of Bitcoin rose 10.42 percent to $42,606 yesterday. However, at the time of writing, it suffered a retracement of 6.3 percent to $39,183. So, what can analysts expect? As Kriptokoin.com, we are providing the details…
PlanC and Crypto Ed commented on the latest movements in Bitcoin price
According to crypto analyst “Plan C”, Wednesday’s Bitcoin move, “Different pump, same story” . PlanC also published the chart below, stating that Bitcoin should break the “downtrend resistance band,” i.e. the uptrend support band, and hold that level as support. Otherwise, he stated that the continuation of the pump will not come. It has set the support band at $43,564 and $46,265 for the uptrend.
Independent market analyst “Crypto_Ed_NL” also agrees with this sentiment, saying, “No, this is not a new Elliott Wave theory… This is what I think will come next. He used the expressions “pump-range-pump-dump-range-dump-range-pump”. In other words, the analyst predicts that pumps and dumps will come at certain intervals.
Rekt Capital: BTC should close the week above $43,100
Analysts at Delphi Digital believe that Bitcoin is currently “localized in December 2021 and February 2022”. He stated that he hit the “simple trend line connecting the highs”. According to Delphi Digital, “When BTC rises above $40,000 again, traders should look for the trendline around $42,500-43,000”. Levels such as $34,000 are generally seen as a good place to trade, according to analysts’ counter sentiment analysis. However, it is also noted that the deteriorating macro and global environment seriously affects the market.
Independent market analyst “Rekt Capital” posted the chart below, which highlights that “BTC has exhibited bullish wicks beyond the $43,100 resistance several times in the past few weeks (orange circle)” “This is why it is important for BTC to close for a week above this level, just like the previous blue circle in August 2021,” he said. The overall cryptocurrency market cap is currently $1.82 trillion, with Bitcoin dominance of 41 percent
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