Bitcoin chart through the eyes of leading analysts – check out what could happen in the coming time!

Bitcoin analysis

We take a look at the X (Twitter) platform to see what leading market analysts see in Bitcoin’s current price action. Does the leading cryptocurrency face further increases, or is it time for declines after all?

Material Indicators behind the veil of secrecy

The analyst known to us all as Material Indicators (@MI_Algos), on Wednesday, December 20, shared a graphic, which he annotated with the following comment:

“Imagine Bitcoin losing support at the 36.5k level.”

Material Indicators on Bitcoin

This graphic is a BTC order book on the Binance exchange. It indicates that strong resistance is forming at the $45,000 level. This supply zone has the power to push the price of the leading cryptocurrency to lower price levels. Nevertheless, in the broad sector between the aforementioned value and the $36,500 area, quite a number of buy orders are distributed. However, just below the indicated value there is a complete void. According to the graphic, the absence of orders in this space has the right to result in declines all the way down to the area of $27,000. Sounds dramatic!

However, we clarify that this is only a temporary picture of the order book. With potential declines, this empty space will certainly begin to fill with more purchase orders.

Roman does not expect increases

Roman (@Roman_Trading) is another analyst we heartily recommend you follow. His cool approach to the market is undoubtedly a huge advantage. He, too, shared an interesting analysis on December 20, which he annotated with the following comment:

“A nice little pump so far, but again I think we need to see a much bigger range to create volatility and allow for more upward movement.

Currently, volume is low, so if we get to a ‘breakout’ it will be false, resulting in a retest of the lower part of the range.” 

Roman_trading on Bitcoin / TetherUS

Thus, Roman believes that Bitcoin’s movement in the area between $40,000 and $45,000 may take a little longer. Keep in mind, however, that the consolidation bears the hallmarks of a correction, and thus keeping the price at these levels will certainly be healthy for the market.

Crypto-ROD bets on consolidation

The last analyst we will quote today is Crypto-ROD (@RodMaartin). He shared with his watchers a chart detailing Elliott Waves, supported by Fibonacci elimination. As he reports:

“Looks like a WXY consolidation. Bitcoin with a perfect hit at the 90% Fibonacci level.

If we squeeze higher, we can take advantage of the fib level of 123.6.

I remain with this plan and continue to wait for a larger consolidation move.”

Crypto-ROD thus confirms what the above-mentioned analysts have noted. A consolidation move for Bitcoin seems highly likely.  The area to watch out for, in his opinion, is in the space between $39,000 and just under $46,000.

Blockbulletin analysis

Meanwhile, another of our original analyses will be published soon. If you want to stay up to date, be sure to follow us on X (Twitter) and look at blockbulletin.com

We share analyses of Bitcoin charts along with their interpretation every week – don’t miss them!

Łukasz

Łukasz

Market Analyst

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More analyses

All articles loaded
No more articles to load

More news

XRP

XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load

Learn more

Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load