Bitcoin is soaring again! Here’s how its price action is viewed by leading analysts

Bitcoin

Bitcoin broke out of the descending channel and took the path towards this year’s maximums. We wrote about our perspective on the price action going forward in the material entitled: “Bitcoin makes a breakout from a bullish formation – will its price go above $30,000?”. Now it’s time to explore other perspectives. Take a look at the opinions of leading market analysts!

Material Indicators sees the formation of the first significant resistance

A regular item on our agenda is the opinion of @MI_Algos and the data he collects on Bitcoin’s order book. In his latest publication, the analyst sees that the $30,000 level is starting to gain strength in terms of the accumulation of sell offers. As he reports:

“FireCharts shows that BTC is building up resistance at the $30,000 level. We are seeing a lot of bid liquidity moving into the active trading range to serve as support.”

CryptoBullet expects imminent rejection

The analyst known as @CryptoBullet1 had already drawn out Bitcoin’s potential price action four weeks ago. So far, it has been perfectly filled, resulting in Bitcoin reacting to all levels indicated by CryptoBullet. This time, referring to its historical record, the analyst expects declines. In his opinion, the current price action may be a trap for bulls, making a hike towards $22,000 a tune of the near future. 

https://twitter.com/CryptoBullet1/status/1671491355514642432/photo/1

This perspective is definitely bold and unique. However, it is hard to imagine it being feasible at a time when so much bullish news for Bitcoin has hit the market. In any case, any correction would be warranted here.

CryptoAmsterdam expects a sideways movement

An interesting perspective is shared by @damskotrades. He brings back a thread from his extended analysis two weeks ago and indicates that the current price movement, in the medium term, is still a sideways movement. From the content of the material he posted, we can infer that it could even last until October.

https://twitter.com/damskotrades/status/1666759929422594048/photo/1

CryptoAmsterdam therefore indicates the $25,000 level as support and the area around $31,000 as resistance.

Given that the indicated range of price movement relates to the holiday period, which is often characterized by dullness in the financial markets, this scenario makes perfect sense.

EtherNasyonaL has no doubt – this is accumulation

At the very end, we present a longer time perspective, which is both very optimistic and one that is likely to reward the patient. It is shared by @EtherNasyonaL, who says:

“There has been a strong splash from the area I expected. We will follow the continuation together!”

Looking at the cyclical nature of Bitcoin, the scenario outlined by this analyst, is fully justified.

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

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