Analysts have repeatedly used market maturity as a measure of where Bitcoin is going. Sometimes these indicators are used to set the bar at levels where it is unlikely to trade Bitcoin. According to reports last week, a popular analyst set the bar at $ 20,000; A price sign that Bitcoin has only managed to achieve recently. Moving this further is Ki-Young Ju, an in-chain analyst who recently observed that it was nearly impossible to drop to $ 28,000.

 

 

The analyst announced this in a recent Twitter post, explaining that institutional investors have bought the recent bear market dips, shedding their weight behind Bitcoin. It suggests that investors have the capacity to maintain momentum in the $ 30,000 price zone should Bitcoin retest at this level.

There are many institutional investors who bought BTC at the 30-32k level. Coinbase exit on January 2 was at a three-year high.

Speculative forecast, but if these guys are behind this bull rally, they’ll keep the 30K level. Even if we have a decrease, it will not fall below 28,000.

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In contrast, some community members think the market tends to reverse before the bull rally takes Bitcoin to new heights. Unlike the $ 28,000 and $ 20,000 price levels, which were predicted to be the maximum low by these analysts, others claim that a 70% drop would not come as a surprise given the ever-volatile state of digital assets.

Meanwhile, technical chart watchers noted that a full bearish trend has formed, adding that the bullish rally required for a correction will only precede higher whale purchases.

Meanwhile, a response to the tweet suggests a sideways or reversal move is more realistic.

Everyone wants these heads and shoulders to show a downward trend. It looks very easy. Each rising wedge (typically bearish) broke this trend in the opposite direction. It’s still possible, but my bet is a little more or UP.

Last week’s technical charts saw multiple upward movements occur for Bitcoin trading. Although this bullish trend line is as common as bearish trends, it can still return to the market if pressure is held at critical points.

Bitcoin has only attracted 2% of gold’s market value so far

At the time of writing at $ 38,158, Bitcoin is struggling to retest the $ 40,000 resistance level. Although gains accumulate, it may take longer for Bitcoin to gain enough momentum to retest the aforementioned resistance, as the price denial continues to suppress the big move.

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