Widely followed crypto analysts are listing what the Bitcoin (BTC) price needs to initiate a precious rally. Here are the expectations and technical levels…
Bitcoin is ready for an upcoming rally, according to Michaël van de Poppe
The crypto analyst says in his current analysis, a 40% jump is possible for Bitcoin in the short term. His estimation comes as BTC jumps into the $21,000 range and the US dollar depreciates relative to DXY. The analyst says that Bitcoin will reach $30,000 within weeks:
Bitcoin is at $21,000 as DXY falls. It’s time to rush to $30,000 in the coming weeks.
Van de Poppe later says that after a slight drop, Bitcoin will likely go to $22,500. He adds that this would be a good time to invest:
Just like that, Bitcoin took off all the highs, volume is increasing and it is back above $21,000. I’m assuming we’re going to continue to $22,500 from here, but before continuing, let’s make a small correction (since we’ve taken out all the liquidity). Buy the base season.
Analyst says US unemployment rate will cause short-term volatility
In a new YouTube video update, Poppe said that Bitcoin prices will likely see increased volatility with the market reaction to the unemployment data released by the US Department of Labor on Friday:
On the unemployment information day, Bitcoin still seems poised to continue. If I still want to look long term, I would look at the return around $20,300. Otherwise, I will look again at $19,600 and we can start targeting this block to the left, the area around $22,400.
Kevin Svenson lists the catalysts for the next Bitcoin rally
The crypto analyst says Bitcoin could be stuck in a bearish market until the hawkish US Fed returns. In his new analysis, Svenson stated that there is a strong relationship between the S&P 500 and the performance of the Bitcoin price. The analyst says it will take a federal pivot to get Bitcoin back up as the Fed’s hawkish stance leads to a bearish or volatile stock market.
Svenson predicts April of next year for the start of the next bullish cycle. He says a cycle peaked on December 17, 2017 and a bull pivot lasted 68 weeks. He claims it will take 75 weeks from the November 10, 2021 cycle top for the next bull pivot.
Tim Draper predicted that Bitcoin will hit $250,000 in 6 months
Another high bar Bitcoin assumption came from Tim Draper. At the Web Summit, the annual technology conference in Portugal, the hedge fund investor predicted that Bitcoin would reach $250,000 by January. Draper bought 30,000 Bitcoins seized by Marshals from the Silk Road darknet market in 2014. At the time, he truthfully claimed that Bitcoin would surpass $10,000 in three years.
“The ladies will be the ones to get Bitcoin to $250,000,” says Tim Draper now. He also adds that this will happen within six months.