Benefits for Bitcoin (BTC) and crypto continue to arrive in the second day as the US dollar falls. Bitcoin returned to $21,000 for the first time since September as buyers solidified its benefits. Famous Bitcoin analysts shared their claims.
Bitcoin bulls want liquidity
Bitcoin reached local highs of $21,012 on Bitstamp, according to TradingView information. At press time, BTC continues to explore inaccessible areas for more than six weeks. According to Coinglass data, $750 million of liquidity has flowed in Bitcoin alone in the last 24 hours. Cross crypto purges totaled $1.43 billion in 2022, adding to the highest number ever.
In the midst of this, Material Indicators, the analytics platform that tracks the order book of the largest global exchange Binance, noted that demand liquidity has risen. In this context, he shared the following on his Twitter account:
In the last 24 hours, a large amount of demand liquidity has been defeated and some renewed. But there’s no doubt that BTC bulls are getting some help, as bid blocks and demand liquidity have been adjusted with no errors.
$21,000 is a key level for some analysts, including Crypto Capo, who previously predicted that the market would pull back at this point to target macro lows again.
Is $33,000 in sight for Bitcoin?
Until recently, BTC stalled around the spiritual $19k mark. He eventually surpassed the $20.5k mania. The next few days will be very precious for Bitcoin. Since testing again and breaking above the descending downtrend line [red diagonal], the asset essentially has a slope of around 10%. As shown below, it is slowly approaching the next burst of resistance, where it was rejected at the beginning of September.
The 200 and 300 MAs were quite valuable for Bitcoin. Over the years, the president’s crypto has rallied around the averages. But at the moment, the price is still consolidating weekly in the middle of these two MAs.
Zoomed out further, it seems that Bitcoin is now failing to register a clear breakout. The analyst, nicknamed Rekt Capital, recently shared the following:
It’s easy to get excited about this recent spike in BTC’s price action. However, macro-wise, BTC is still in the historic base zone. For the occasion, it has not recorded a major breakout now.
Regarding the level to be considered, Rekt Capital said:
BTC will need to surpass ~$23,450 first to see stronger trend momentum.
However, when the roughness is overcome, it will open the doors to $ 28.8 thousand and $ 33 thousand. But the goals in question are long-term in nature. So it won’t be achieved overnight.
Analyst explains how Bitcoin will reach $24,000
Analyst Ali Martinez shared a chart showing how Bitcoin will move from the current $20,658 level to the $24,000 price line. Martinez says that Bitcoin is currently strengthening on a BTC chart as the weekly BTC RSI climbs above 37. He notes that when a ‘continuous move’ occurs above the 21-week moving average, it will likely lead to an increase of the 200-week MA at $24,000.