Analyst says Bitcoin might hit this old 'peak' again very soon – AMBCrypto News

Uniswap has flipped this alt to become most traded token among BSC whales
Bitcoin: Next difficulty adjustment might affect your portfolio because…
LUNA: Identifying the right opportunity before probable 45% rally
Keep an eye on this if you’re holding Bitcoin, Ethereum
Polkadot, Uniswap, AAVE Price Analysis: 28 February
Bitcoin: Next difficulty adjustment might affect your portfolio because…
Keep an eye on this if you’re holding Bitcoin, Ethereum
Analyst says Bitcoin might hit this old ‘peak’ again very soon
As mainstream players enter the game, is Bitcoin’s halvening cycle changing
Why the >5M in Bitcoin, Ether, USDT donations for Ukraine matters
Can Ethereum breach $3000 in the next 48 hours? Yes, only if…
All you need to know about ‘developed’ Ethereum’s (Almost) 300K validators
Why the >5M in Bitcoin, Ether, USDT donations for Ukraine matters
Will Shiba Inu’s latest foray into the metaverse be its loudest bark yet
It’s 1 in 11 for Ethereum; Was last week just an anomaly
Published
on
By
Stifel’s Barry Bannister recently predicted that Bitcoin could plunge by 76% to $10,000 by 2023. Agreeing with the headwinds that Bitcoin faces in terms of monetary outlook, Gareth Soloway, President and CFO of InTheMoneyStocks.com, is also placing his high-end target for Bitcoin at $20K. During a recent podcast, he added,
“Bitcoin kind of is a risk on assets so it’s treated like a tech stock, so very likely you will see further downside, I’ll start nibbling on a longer-term entry for Bitcoin when it gets to 20K and then I’ll just kind of keep buying all the way down. “
At press time, Bitcoin was well under the important psychological level of $40,000. On 26 February as well, Bitcoin was unable to sustain its recovery after briefly breaching the level amid the ongoing market risks.
Looking at the 14-day Relative Strength Index (RSI) to understand Bitcoin’s momentum, one can figure out a lot of things. Interestingly, the RSI was at its lowest point on 21 February on the daily chart. It has largely maintained the 45-level since.
Consequently, Bitcoin assumed a bearish trend. This essentially means that the likelihood of Bitcoin remaining in the oversold territory is looking higher in the near term.
Meanwhile, amidst the Ukraine-Russia conflict, the market seems to be in a state of fear. In fact, some investors have been giving in to panic-selling. Even so, long-term players have full faith in the king coin.
Bitcoin Fear and Greed Index is 26 — Fear
Current price: $39,087 pic.twitter.com/Yg3fPW0vcg
— Bitcoin Fear and Greed Index 🇺🇦 (@BitcoinFear) February 27, 2022

Having said that, the Average True Range (ATR) indicator continues to show high volatility in the asset’s movement. In light of that, Soloway also predicted that Bitcoin reaching its previously projected $100K level is unlikely unless “monetary supply all of a sudden starts to increase.”
Bitcoin, for instance, formed a head and shoulder pattern on its technical charts on 18 February. In this context, Soloway noted that if BTC breaks its resistance, an upside potential of $50,000 to $52,000 can be expected in the short term. On the contrary, the support will stand close to the $27,000 to $29,000 range.
“I do think you can get down to the previous all-time highs back in 2017 which is right around that 20,000 level.”
At the time of writing, BTC was changing hands at $37,878 after losing its value by 2.27% over the last 24 hours.


How Kraken, et al. responded to Ukraine’s request to ‘sabotage’ Russian users
As mainstream players enter the game, is Bitcoin’s halvening cycle changing
Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space’s applications for investment vehicles and portfolios
Bitcoin: Next difficulty adjustment might affect your portfolio because…
Keep an eye on this if you’re holding Bitcoin, Ethereum
As mainstream players enter the game, is Bitcoin’s halvening cycle changing
Why the >5M in Bitcoin, Ether, USDT donations for Ukraine matters
Whales are making ‘massive transactions;’ what does it mean for BTC traders
Exit or HODL? Ace crypto traders have some money making tips for you
Your email address will not be published. Required fields are marked *









Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

source