Bitcoin price prediction: BTC to retest $24000, analyst

Description

TL;DR Breakdown Bitcoin price prediction expects another high soon. Bitcoin finds strong support at $23000. Strong resistance towards $24000 persistent. The king of cryptocurrency achieved a new all-time high at around $24,000. The year had been good to the king as it is on a roll, breaking all-time highs. The new all-time high had renewed … Read more

TL;DR Breakdown

  • Bitcoin price prediction expects another high soon.
  • Bitcoin finds strong support at $23000.
  • Strong resistance towards $24000 persistent.

The king of cryptocurrency achieved a new all-time high at around $24,000. The year had been good to the king as it is on a roll, breaking all-time highs. The new all-time high had renewed investor attention and brought Bitcoin under the spotlight, once again. The question, however, is whether a strong correction should be expected or not?

The daily low was $22,400 and the daily high was $24,000, a stark difference of $1,600. Currently, Bitcoin is priced at $23,526. Bitcoin is facing strong resistance at the $23,800 and $24,000 level. The technical indicators for the day are giving out a buy signal with majority oscillators neutral and most of the moving averages indicating a strong buy.  

Bitcoin price prediction: What to expect?

The $19k had previously been a strong resistance point for Bitcoin but after crossing it successfully, it is expected that Bitcoin can fall back down to retest it again before continuing to the upside. Analyst Transparent FX further explains in their Bitcoin price prediction that correction to the 0.32 Fibonacci retracement level can also be expected. A strong impulse can be seen in the daily Bitcoin price action and at least a Fibonacci of 0.382 at around $21,800 can be expected.

A correction is likely given the strong, while the correction can be at the 0.5 Fibonacci retracement level of 21,000. Once the correction has been achieved, a clear upward trajectory can be expected.

The price action should be watched closely for a 4-hour timeframe bearish market transformation to a bullish one, as that would indicate a continued upward trend. The correction impulse will then be complete. However, if the market does not transform to bullish then Bitcoin can be expected to drop to the liquidity zone at $19,200 and $19,600.

BTC/USD Multi-Timeframe analysis – update !!! by transparent-fx on TradingView.com

On the other hand, per the analyst, Vince Prince’s Bitcoin price prediction has been showing some highly bullish volatility lately. Bitcoin has strong support within the Ichimoku-cloud. If the market takes a downturn, the next baseline support in the range of $20k to $21k determined by the Ichimoku cloud will be detrimental for the future of Bitcoin as holding this support level and stabilizing here could possibly mean future bullish trends. However, if support is not found at the baseline then the last bullish reference would the all-time high support at the range of $19,420 and $19,630. Stabilizing at this level would be detrimental for future bullish sentiments. Otherwise, Bitcoin can be expected to fall into the bearish ground below $19,420. 

Vince Prince suggests that a bearish trend can be expected from the coin in the short term as it is not uncommon in the cryptocurrency market. But if Bitcoin stabilizes by the Ichimoku cloud then the king can be considered out of further danger. 

Generally, experts are suggesting long positions as the market sentiment is highly bullish and appears to continue that way. A giant bullish head and shoulder pattern had been formed a few days ago and Bitcoin has broken out upwards. With the massive investment from Grayscale and increased adoption of DeFi, some analysts are extremely optimistic for the long term with predictions as high as $45k in two years’ time.

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