Bitcoin analyst Skew believes that the time has come to make a decision in the range of BTC price action that can see a journey. As Kriptokoin.com, we have compiled the predictions made by the Bitcoin analyst for you.
The “next big move” for Bitcoin
According to new analysis, Bitcoin is either heading for $28,000 or $19,000 and could decide anything this week. Popular trader Skew told his followers in his Twitter comments on Feb. 15 that the BTC/USD pair is now in “significant territory.” Despite rising above $22,000 following the February 14 US Consumer Price Index (CPI) pressure, Bitcoin has yet to continue its violent rally that saw it gain 40% in January.
But Skew believes it’s time to make a decision after two weeks of consolidation. “I think we’re getting ready for the next big move,” he summed up, alongside a chart showing the respective BTC price targets. These targets come in the form of $28,000 and $19,000 on the downside. Both reflect other perspectives throughout the 2023 recovery, with the area just under $20,000.
Meanwhile, current spot price levels suggest that Bitcoin is testing ‘a significant area in a large range’, Skew continued. “The next few days will be important,” he added. When asked whether the odds favor one direction or the other, the answer was less appetizing for bulls looking to continue their journey towards $30,000.
Skew explained that a combination of U.S. dollar strength, bond yields and stock market performance collectively creates an already problematic scenario for risk assets. Another post read, “From here and DXY/JPYUSD structure, it makes sense for the USD to recover by Friday”. The statement said:
“There is also a shift between 2Y & ES; Weakness in high beta assets today could confirm a downside move in risk assets.”
Trader warns of ‘parabolic’ US dollar move
The US Dollar Index (DXY) has been on the radar of many market participants this month after seeing its own rebound and potentially definitively breaking a few months’ downtrends. According to data from TradingView, DXY continued to hold regained ground in its latest daily high of around 103.5.
For fellow trader and analyst TechDev, there is even reason to consider a ‘parabolic’ turn for DXY with all the downward pressure this would imply on crypto and risk assets. He touched on the relationship between the dollar and Chinese bond yields.
‘It’s interesting that this liquidity signal is making a double bottom similar to that of DXY 2 years ago before it went parabolic,’ he commented on a chart on Feb. 12.
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