While Bitcoin price hovers around $26,700, new price predictions have come from some analysts. In this article, we will provide some insights on how BTC will move in the near future. Here are the details…
Gert van Lagen: Big change for Bitcoin price is on the way
According to famous trader and crypto analyst Gert van Lagen, the Bitcoin market is preparing for a significant change. In a recent tweet, van Lagen emphasized that a “perfect head and shoulders base” has formed below the weekly simple moving average (SMA) over the past 200 days, which is typically interpreted as a bullish signal. He also stressed that the neckline/SMA200 has undergone a successful double bullish test, which points to a strong potential for upside action. Also, van Lagen pointed out that a “perfect bear trap” had been completed. He noted that pessimistic investors expecting further price drops may find themselves on the wrong side of a possible rally.
$BTC [1W] – Perfect Head-and-Shoulders bottom formed below the weekly SMA200.
Successful double bullish retest of the neckline/SMA200
Perfect #beartrap/bottom W4 before #blowoff top/W5.#Bitcoin #BTC #BullMarket pic.twitter.com/ojzMqMcR8v
— Gert van Lagen (@GertvanLagen) May 26, 2023
Van Lagen’s analysis of Bitcoin’s trajectory coincides with the latest Bitcoin forecast from leading banking giant JPMorgan. JPMorgan strategists led by Nikolaos Panigirtzoglou estimate the potential value of Bitcoin to be $45,000. Their estimates are based on a rise in the price of gold of more than $2,000 and the total value of gold held for investment purposes outside of central banks at around $3 trillion. Cryptokoin.com argues that Bitcoin can reach the same level as gold in terms of volume adjusted for venture capital in the portfolios of private investors.
Michael van de Poppe is also expecting a rise: $29 thousand next week!
Another prominent crypto analyst, Michaël van de Poppe, also believes that Bitcoin will continue its upward momentum. According to Van de Poppe, the first step of this progress will be for Bitcoin to break the $29,000 resistance level in the coming weeks. He also emphasized that Bitcoin’s ability to maintain the 200-week important moving average (MA) is an important indicator of the long-term trend. Van de Poppe added that Bitcoin’s resilience is notable given the global turmoil affecting traditional markets and fiat currencies.
That's step one for #Bitcoin, as we reclaim $26,600 and are looking for continuation towards the range highs.
If the recent correction is deviation, we might break to $29,000 next week. pic.twitter.com/SWCH12DW13
— Michaël van de Poppe (@CryptoMichNL) May 26, 2023
Van de Poppe also exemplified the challenges facing the global economy, including multiple bank failures, the risk of exceeding the US debt ceiling and facing bankruptcy, and the fastest ever rise in the federal funds rate. The analyst stated that Bitcoin has successfully retested the $26,600 level and appears poised for more gains. As the Bitcoin market evolves and various experts make positive predictions, traders and investors are eagerly awaiting the potential price increase. The bullish signals and forecasts suggest that Bitcoin may continue to gain momentum and attract more attention.
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