{"id":521954,"date":"2023-03-06T12:10:38","date_gmt":"2023-03-06T12:10:38","guid":{"rendered":"https:\/\/wncen.com\/?p=521954"},"modified":"2024-06-11T08:39:13","modified_gmt":"2024-06-11T08:39:13","slug":"bitcoin-price-facing-an-inflection-point-what-analysts-say","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-facing-an-inflection-point-what-analysts-say\/","title":{"rendered":"Bitcoin Price Facing An Inflection Point? What Analysts Say"},"content":{"rendered":"

The Bitcoin price is currently at an inflection point. While some analysts are predicting another price drop towards $20,000 or even lower, other analysts are currently talking about a buying opportunity. In this article, we have compiled the analyses of some of the most prominent analysts in the crypto space.<\/p>\n

The Bullish Case for Bitcoin<\/h2>\n

One of the analysts who is currently maintaining a bullish stance is Michael van der Poppe. In one of his latest tweets, the analyst writes that although Bitcoin is still in a slow market at the moment, he expects movements starting today, as the indices also became volatile on Friday.<\/p>\n

Related Reading: Bitcoin Price Turns Red Below $23K, What Could Trigger A Sharp Decline<\/a><\/div>\n

Before moving back up, van der Poppe predicts another sweep of the lows for Bitcoin before the market can see buying support for a possible bounce play to $23,000. However, $21,500 is of key importance if this theory is not to be invalidated:<\/p>\n

Boring price action on Bitcoin since the correction, but still acting in support here. Indices bounced already and seem to continue to do so. Might have another sweep of the lows and then reverse up, losing $21.5K = trouble time.<\/strong><\/p><\/blockquote>\n

\"Bitcoin
Bullish case for Bitcoin | Source: Twitter @CryptoMichNL<\/a><\/figcaption><\/figure>\n

A bullish argument for Bitcoin is also a huge amount of stablecoin deposits on exchanges. Stablecoin net inflows are currently reaching their highest level this year. These stablecoins aka “dry powder” could serve as an extremely strong potential buying power for the market, as CryptoQuant’s data shows.<\/p>\n

\"All
All stablecoins exchange netflow (total) | Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

According to analyst Rekt Capital, Bitcoin is also on the verge of producing a bullish engulfing quarterly candle later this month. “Historically, BTC Bullish Engulfing Quarterly candles have preceded strong upside,” the analyst pointed out, showing the chart below.<\/p>\n

\"Bitcoin
Bitcoin bullish engulfing quarterly candle | Source: Twitter @rektcapital<\/a><\/figcaption><\/figure>\n

Also, the Bitcoin funding rate across all exchanges turned negative for the first time since\u00a0February 13. Remarkably, that day marked the last local low before the Bitcoin price rallied from $21,300 to $25,200 as NewsBTC reported<\/a>.<\/p>\n

Arguments For A Bearish Case<\/h2>\n

Analyst Skew writes about the 1-day chart structure and trend in his latest tweet. According to him, the weekly opening price will serve as an inflection point for a 1-day breakout towards the weekly demand at $19,000, otherwise there could be a higher low, resulting in a rise to $23,000. His prediction is therefore:<\/p>\n

We’re in the chop zone currently. (weakness or strength in coming day will be leading of momentum\/direction)<\/strong><\/p><\/blockquote>\n

\"Bitcoin
Bitcoin price, 1-day chart| Source: Twitter @52kskew<\/a><\/figcaption><\/figure>\n

Another popular anonymous analyst warns that the 30-day whales ratio MA is hitting a new high, suggesting that whales are sending more BTC to centralized exchanges, which fits with the current net flows. Since yesterday, nearly 5,000 net BTC have streamed to centralized exchanges.<\/p>\n

Related Reading: Bitcoin Price Crashes Below $22,000, These Are The Reasons<\/a><\/div>\n

\u201cThe whales Ratio 30H MA reached since a while a level at 88%. Everything above 90% is extremely bearish and indicates a big sell pressure in the short-term. However, stablecoin reserves up and Whales Ratio 30H MA is declining again. Imo first up and more down afterwards to liquidate late shorts first. Imo 22.8k first and 21.5k destination\u201d, predicts<\/a> InspoCrypto.<\/p>\n

Featured image from Andre Francois Mckenzie\/ Unsplash, Charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price is currently at an inflection point. While some analysts are predicting another price drop towards $20,000 or even lower, other analysts are currently talking about a buying opportunity. In this article, we have compiled the analyses of some of the most prominent analysts in the crypto space. The Bullish Case for Bitcoin One of the analysts who is currently maintaining a bullish stance is Michael van der Poppe. In one of his latest tweets, the analyst writes that although Bitcoin is still in a slow market at the moment, he expects movements starting today, as the indices also became volatile on Friday. Related Reading: Bitcoin Price Turns Red Below $23K, What Could Trigger A Sharp Decline Before moving back up, van der Poppe predicts another sweep of the lows for Bitcoin before the market can see buying support for a possible bounce play to $23,000. However, $21,500 is of key importance if this theory is not to be invalidated: Boring price action on Bitcoin since the correction, but still acting in support here. Indices bounced already and seem to continue to do so. Might have another sweep of the lows and then reverse up, losing $21.5K = trouble time. A bullish argument for Bitcoin is also a huge amount of stablecoin deposits on exchanges. Stablecoin net inflows are currently reaching their highest level this year. These stablecoins aka “dry powder” could serve as an extremely strong potential buying power for the market, as CryptoQuant’s data shows. According to analyst Rekt Capital, Bitcoin is also on the verge of producing a bullish engulfing quarterly candle later this month. “Historically, BTC Bullish Engulfing Quarterly candles have preceded strong upside,” the analyst pointed out, showing the chart below. Also, the Bitcoin funding rate across all exchanges turned negative for the first time since\u00a0February 13. Remarkably, that day marked the last local low before the Bitcoin price rallied from $21,300 to $25,200 as NewsBTC reported. Arguments For A Bearish Case Analyst Skew writes about the 1-day chart structure and trend in his latest tweet. According to him, the weekly opening price will serve as an inflection point for a 1-day breakout towards the weekly demand at $19,000, otherwise there could be a higher low, resulting in a rise to $23,000. His prediction is therefore: We’re in the chop zone currently. (weakness or strength in coming day will be leading of momentum\/direction) Another popular anonymous analyst warns that the 30-day whales ratio MA is hitting a new high, suggesting that whales are sending more BTC to centralized exchanges, which fits with the current net flows. Since yesterday, nearly 5,000 net BTC have streamed to centralized exchanges. Related Reading: Bitcoin Price Crashes Below $22,000, These Are The Reasons \u201cThe whales Ratio 30H MA reached since a while a level at 88%. Everything above 90% is extremely bearish and indicates a big sell pressure in the short-term. However, stablecoin reserves up and Whales Ratio 30H MA is declining again. Imo first up and more down afterwards to liquidate late shorts first. Imo 22.8k first and 21.5k destination\u201d, predicts InspoCrypto. Featured image from Andre Francois Mckenzie\/ Unsplash, Charts from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":521979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664],"class_list":["post-521954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Price Facing An Inflection Point? What Analysts Say<\/title>\n<meta name=\"description\" content=\"The Bitcoin price is currently at a inflection point. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Facing An Inflection Point? 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