Crypto investors are looking to technical analysis to see what will happen with Bitcoin price in the short term as uncertainty about the next attack of the market increases.
Is Bitcoin ready for a big upside move? Here’s what crypto experts say
According to crypto analyst Mustache’s October 17 tweet, Bitcoin is preparing for an upside value move. The technical analyst says traders should use their current levels by looking at the chart below:
Bitcoin (BTC) is going to experience at least one last major push without top error. The current purchase levels are a treat.
Michaël van de Poppe is a real rally to $22,000
In the middle, Michaël van de Poppe, one of the well-known Twitter analysts, said that he is still waiting for this break while looking for a long position in Bitcoin around $ 19,300 or a short position at $ 19,600. Van de Poppe also expects “a real rally to $22,000 in the coming cycle”.
Poppe previously predicted a “big move on the horizon” for Bitcoin as its volatility index fell below 25. According to the analyst, this was a “guaranteed recipe for massive volatility.”
Bitcoin lacks whale and institutional attention
However, if the leap is indeed to happen, prominent crypto expert Ali Martinez has something to say. In his October 18 tweet, the analyst says that big money is far from Bitcoin as he observed the “lack of activity of institutional BTC players and BTC whales.” Martinez confirmed this shortcoming by looking at the IntoTheBlock information. The on-chain analyst stated that this is evidenced by the fact that “the number of daily Bitcoin transactions worth over $100,000 continues to trend lower.”
Bitbank’s crypto analyst says the drop isn’t deep enough to cause panic
The market held steady after rebounding after a major drop following the release of US inflation data. Saying that the drop was not deep enough to cause panic, Yuya Hasegawa claims that Bitcoin will be above $20,000 again in the coming days:
It had been another week of woe for the stock market until the CPI, so Thursday’s recovery will likely trigger the easing of recent risk aversion, which could have a positive impact on Bitcoin price. If the price rebounds the spiritual $20,000 level with valuable process volume in the next few days, it could test $23,000 next week.
October was a strong month for the crypto market in general. However, it is not clear now what kind of course the prices will follow until the end of the month. Kaiko analyst Conor Ryder says this will largely be resolved with a move on the upside:
With trading volumes at yearly lows, Bitcoin and Ethereum are clamoring for the next crypto-specific catalyst to kick off another bull run and diverge from equities. Merge has once again proven that macro is king, and we saw that last week with a volatile reaction to CPI.
Conor Ryder expects sideways moves until next Fed breakthrough
Bitcoin, in particular, rallied to around $19,900 in its massive recovery last week. Ryder agreed that a precious break above $20,000 could start a new higher:
Crypto markets have had a respectable recovery since the first reaction to the inflation reading, and investors are currently watching the spiritually precious $20,000 for Bitcoin. Breaking this level will result in a climb to higher levels…Crypto and equities look set to move together for the remainder of the year, both likely to remain sideways until there is a hint that the Fed will begin to reverse its recent fiscal tightening regime.
Koindeks.comAs you follow, Bitcoin continues its sideways course around $19,500.