From renowned Twitter analyst CryptoKaleo to a company expecting $500,000 in Bitcoin, we’ve compiled the week’s top price cuts. Keeping in mind that assumptions are not absolute, let’s take a quick look at what analysts have been saying lately. Here are the Bitcoin predictions from 6 big names…
Analysts say Bitcoin price boom is imminent
In his latest tweets, veteran trader Scott Redler said that Bitcoin is ready for a new rally. These comments come after Bitcoin saw a few weeks of trading in a narrow range. Last month, Redler hypothesized that if the Bitcoin price breaks $17,600, it will drop to $10,000. BTC now fell below the S&P 500 last week for the first time in two years on a volatility basis.
At the same time, the extremely high derivatives volumes suggest that this is just a calm before the storm. Arcane Research analyst Vetle Lunde claims that Bitcoin is on the verge of an “explosive” rally.
Bitcoin assumption from CryptoKaleo: Rise is “close”
In a similar form to the analysts above, Twitter analyst nicknamed CryptoKaleo from Twitter also says that the rise is imminent. CryptoKaleo’s assumptions came in the $19,500 region, where BTC price recovered above monthly and weekly resistances.
CryptoKaleo is now optimistic that the BTC price will return to the $28,000-30,000 level. This zone was a level that Bitcoin lost in June following the Three Arrows Capital and Terra collapses. CryptoKaleo also believes that current levels are baseline. The charts below compare Bitcoin’s 2021 and 2017 bull cycles.
Analysts at Jacob Crypto Bury are also bullish
Analysts’ revived hopes for Bitcoin (BTC) are about the leading cryptocurrency reversing its weekly opening. Analysts at Discord host Jacob Crypto Bury agree with this trend. The shares made on the server yesterday were quite bullish.
Onchain Edge argues that comparisons to November 2018 for Bitcoin prediction are incorrect
CryptoKaleo, one of the above analysts, had predicted a reversal by comparing BTC’s crossover peak cycles. However, CryptoQuant analyst Onchain Edge says this is completely wrong. Analst argued that analysts comparing Bitcoin’s current price action to November 2018 were wrong:
Many analysts believe that the current $19k BTC is similar to the $6,000 BTC in November 2018. They are wrong about this bear market.
According to the analyst, the market is actually in a bear market and had a precedent drop to November 2018. According to the analysis, the drop from $6,000 to $3,000 in November 2018 is very similar to the drop from $30,000 to $18,000.
Onchain Edge sums it up in the comments by saying that it’s a good time to start accumulating Bitcoin on a dollar-cost average (DCA) basis. Even if the price drops, according to the analyst, the bottom is close.
In the midst of this, CryptoQuant leader Ki Young Ju also voiced such sentiments in a tweet on Friday. CryptoQuant CEO highlighted much stronger fundamentals for buying Bitcoin now compared to 2018. In the comments, Ki Young Ju said “just buy Bitcoin”.
Bitcoin price continues to consolidate
The consolidation process has continued since the crash on 18 June. Bitcoin fell as much as $ 17,593 in this process. Market makers have been busy sweeping precious drops ever since. On October 13, price action in the $17,935 region created even bases. It summed up the sell-stop liquidity that remained below all the low volatility that occurred after June 19th. Akash Girimath, one of the FXStreet analysts, says that if Bitcoin is more consolidated at current levels, we can test the resistances in the middle of $20,048-20,306-20,737.
On the on-chain part, IntoTheBlock’s IOMAP model gives more faith in a possible change of the 30-day EMA and an uptrend. Process data, in particular, shows that approximately 2.41 million addresses purchased approximately 1.30 million BTC at an average price of $19,184. All in all, there is a decent bet for BTC to have a bullish week, as the techniques and on-chain metrics are compatible.
For the bears, moves in the $17,917 to $19,951 range will be critical. The bulls need to be especially careful with $18,934. This level will turn the spiritual superiority in favor of the bears. In such a case, the ascension thesis will be completely invalid. The bears will want to see more corrections to the $17,000 or $15.551 support levels.
Cathie Wood still hasn’t sold 400 Bitcoins despite the bear market
Koindeks.com As we have reported, Cathie Wood, the founder of crypto money investment firm Ark Investment, announced that she bought and still holds Bitcoin (BTC) worth $ 100,000 for $ 250. Wood shared in a new Youtube interview that he invested $100,000 while BTC was at $250. Despite BTC’s 79% loss from the top, the famous CEO and company do not prefer to sell. As for the price point, Wood said in part of the interview that they would expect $500,000. An analyst from Ark Investment claimed that the price of Bitcoin will reach $1 million by 2030.