The Most Real Predictions For Bitcoin From 8 Analysts: These Levels!

After the strong performance on Wednesday, the cryptocurrency market remained stable through the evening. Bitcoin touched an intraday high of $23,578.65 while Ethereum surged to $1,678.10. This momentum is changing direction with serious news like Michael Saylor’s resignation and Solana hack. Let’s see what the experts are waiting for…

Will Solana hack affect Bitcoin and altcoins?

Hackers dominated the cryptocurrency market this week. On Tuesday, the 9th largest cryptocurrency Solana (SOL) lost thousands of wallets to hackers. On the same day, $190 million was stolen from Coinbase-backed cryptocurrency bridge Nomad. GlobalBlock analyst Marcus Sotiriou says Bitcoin is showing strength despite these attacks.

Sotiriou pointed to CoinShares data, which indicates that Bitcoin-focused funds saw a total inflow of $85 million last week, and short Bitcoin funds saw an outflow of $2.6 million. The analyst says this is the first week of launch for the short Bitcoin product after a 5-week inflow:

Since these funds are often bought by institutions and high net worth individuals, this is a sign that smart money is very interested in buying crypto at these prices.

Edward Moya says Bitcoin and altcoin market needs catalysts

Senior OANDA analyst Edward Moya says the market needs crypto-specific factors to recover. The seasoned analyst adds that the news cycle is not positive for Bitcoin:

Bitcoin needs a crypto-specific catalyst to trigger a meaningful move above the $24,700 level. The news was not positive for crypto as wallets were hacked with Solana and Nomad, an important bridge protocol, was exposed to a vulnerability and lost almost $200 million.

Justin Bennett says $23,450 is critical

On the other hand, popular cryptocurrency analyst Justin Bennett also updated his Bitcoin analysis. Bennet tweeted that Bitcoin needs to retrace $23,450 to open higher prices.

Ki Young Ju draws attention to awakening Bitcoin whales

CryptoQuant CEO Ki Young Ju discussed the miner sales in May and June. He said that early investors in Bitcoin tend to be visionaries, miners or criminals when accounting for a whale transaction in late July. Ki chose a transaction on July 20 that moved 1,100 BTC worth approximately $25.29 million 8 years later. CryptoQuant CEO shared a note saying that cryptocurrencies belong to retired miner “Ghash”:

These coins have not yet been sent to clearing addresses. In other words, there is currently no selling pressure emerging from this Blockchain activity.

CryptoQuant specifically suspects that the coins are sent to a custodian, as the recipient address type can be used by multiple digital signatures (P2SH).

On the other hand, on-chain data source Santiment noted that the supply of Ethereum at top exchange addresses has increased as investors put their holdings on major exchanges during the 2022 price drop.

Kitco senior market analyst Jim Wyckoff says the recovery in recent months has been “barely”. However, while Bitcoin’s trading volume is falling, Wyckoff comments that “the bulls need to continue their uptrend and show strength soon.” But now is not the time to be complacent. The price to the expert comes alive that will fix the trend.

Crypto Tony briefed on support and resistance levels on Bitcoin chart

The Twitter analyst has identified the main support and resistance levels for Bitcoin (BTC) that traders should pay attention to. According to the expert, $ 22,650 will be an ideal level, especially for short positions.

The positive gains over the past six weeks are a welcome sign for crypto investors. However, experienced traders know that the market is not out of control yet.

Rekt Capital references past bear markets

The veteran Twitter analyst offered a historical perspective on when BTC bottoming could occur. According to the expert, this indicates that the low will occur in the 4th quarter of 2022.