Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Este artículo también está disponible en español.
It’s been exactly a month since the Bitcoin price lost the $90,000 level, falling to around $77,000 in a single move. The premier cryptocurrency has yet to recover from this downturn, struggling to break out of the $82,000 – $87,000 range over the past few weeks.
As of this writing, the price of Bitcoin is hovering around the $83,000 level, reflecting a mere 1% decline in the past 24 hours. According to data from CoinGecko, BTC’s value has barely changed over the past seven days.
Here’s How Bitcoin Price Could Jump 15%
Popular crypto analyst Ali Martinez took to the X platform to share an exciting analysis of the price of Bitcoin. According to the online pundit, the market leader seems primed for a 15% move to the upside over the coming days.
Related Reading
This bullish prediction is based on the formation of a symmetrical triangle on the four-hour Bitcoin price chart. The symmetrical triangle is a technical analysis pattern characterized by a diagonal falling upper trendline (connecting the swing highs) and a diagonally rising lower trendline (along the swing lows).
With its price narrowing towards the apex of the triangle, there is a likelihood that BTC will breach the upper trendline for a breakout. According to Martinez, if the Bitcoin price successfully breaks out of this pattern, investors could see the premier cryptocurrency register a bullish 15% move to around $95,000.
$87,000 Could Prove Pivotal To This BTC Move
Martinez revealed in a separate post that the Bitcoin price might need to overcome a major resistance level to resume its bull run. This is based on the formation of a “confluence zone,” which represents a price range where multiple technical resistance levels meet.
This confluence range seemingly forming on the daily timeframe of the Bitcoin price chart would consist of the 50-day and 200-day moving averages (MAs) and a descending trendline. The 50-day moving average acts as a gauge of short- to mid-term trend direction and as a dynamic support and resistance level.
Similarly, the 200-day MA is used as a long-term trend indicator, with a break above it considered a major bullish reversal signal. Meanwhile, the Bitcoin price has been forming lower highs (connected by a descending trendline) since reaching the all-time high of $108,786.
As mentioned earlier, the Bitcoin price has been trading in a consolidation range over the past few weeks, with the bulls unable to make a sustained upward run. However, the recent show of strength in the face of growing macroeconomic uncertainty somewhat strengthens a bullish case for the flagship cryptocurrency.
In any case, investors might want to pay extra attention to $87,000, as the convergence of three technical resistance indicators increases the likelihood of a price rejection at the level. Moreover, the Bitcoin price had already tried breaching this mark in the past week before correcting back to around $82,000.
Related Reading
Featured image from iStock, chart from TradingView
Credit: Source link
