Bitcoin: As we reported on AmkNews, in the last three days, Bitcoin (BTC) has experienced a trend reversal. After its massive divergence with US equities last week, BTC is looking to continue its relief rally. While the markets are trying to recover, 4 analysts shared the levels that Bitcoin can see next week.
- 1 Will Bitcoin price continue its upward momentum?
- 2 These levels are very critical for BTC
- 3 Share this:
Will Bitcoin price continue its upward momentum?
According to Ki Young Ju, CEO of on-chain data analytics platform CryptoQuant, one metric shows that Bitcoin (BTC) is approaching bottoms. Known as “UTXO age groups,” the metric tracks how long a Bitcoin wallet address has been active and where it has been buying and selling. According to Ki Young Ju, CEO of CryptoQuant, this metric works very well in detecting the bottom of bear seasons in Bitcoin. Young Ju also states that institutional investors who bought Bitcoin in 2020 mostly keep their wallets unmoved, and says the following about BTC:
Currently, UTXOs older than six months are reaching 62 percent of the realized limit. In the big sales in March 2020, this indicator reached 62 percent. In December 2022, wallets using Coinbase most likely for institutional purchases have the same amount of Bitcoin. Entry prices are $25,000.
Another popular cryptocurrency analyst, using the pentoshi nickname, said that the rallies in the bear market were brutal and added:
Bear market rallies are brutal at times. They can go a lot higher than you might think, but they almost always end up with a 3D-1W LH or equal height. Personally, I think this is the way for BTC if things go well. $33k-35k on the upside and then back to the lows. Do not be deceived by emotions. This is an obvious bear market rally to me.
These levels are very critical for BTC
Kevin Svenson, a closely followed analyst, predicts a strong Bitcoin (BTC) bounce in the coming weeks. In a recent strategy session, analyst Kevin Svenson told his 69,000 YouTube subscribers that a BTC rally is likely coming after the leading cryptocurrency Bitcoin made nine consecutive red candles on the weekly chart.
…but after this close, we’re starting to see some bullish speculation. We’re starting to see this on the four-hour chart. Bitcoin is emerging and it looks like it wants to break the resistance here. Looking at the low point of 2021 ($29k), Bitcoin has not even been tested below. We haven’t tested this downside zone ($25k) yet. Which makes me think that this low ($26,700) could act as a long-term support base, or at least act as a strong support.
The last analyst to share his analysis and views on Bitcoin was Bloomberg Intelligence’s senior market analyst, Jamie Douglas Coutts. The analyst said:
If it can hold the psychologically important $30,000 level, it can be traded at the $40,000 resistance. Technically, a break below $29k would confirm the double-top pattern with the next support at $25,424, the May low, followed by the 200-week moving average at $22,130.
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