Bitcoin Downtrend Not Over! Analyst Maps Potential Bottom Levels For BTC Price
This week might be interesting for Bitcoin to watch its price levels as the upcoming FOMC meeting will play a vital role in driving its price further.
In the last few days, Bitcoin registered a significant spike due to the US stock market’s upward movement with 3.4% gains and the S&P 500 index’s rise to its maximum levels in 44 days.
However, Bitcoin is poised to witness a bearish momentum soon after forming another top in the price chart.
BTC Price Bottom Is Around The Corner!
This week will act as a critical factor in determining BTC’s further price movements, as several macroeconomic events will play a significant role in the fluctuation of Bitcoin’s price.
A popular crypto analyst, CryptoCapo, predicts that Bitcoin may initiate a fresh downward rally after forming a triple top in the price chart.
Last week, Bitcoin formed a double top at $21.1K and faced rejection. According to the analyst, Bitcoin may again make a top at $21.2K and create a triple top pattern in the price chart before witnessing a sharp fall.
Bitcoin is expected to reach $21.2K by the next week and may face rejection and initiate a sharp fall. CryptoCapo predicts that Bitcoin can touch a low of $20K if it fails to trade above the expected price level.
The analyst gives an ultimate bearish confirmation for BTC if it makes an upward retracement above $19.8K and makes a bearish candle at $20K.
This price movement can plunge Bitcoin hard to new lows as BTC may trade below $14K by the end of November.
$BTC / $USD 11-14k is the opportunity of a lifetime. Everything is lining up for history to repeat in December – Q1 2023. The real bottom is yet to come. — Toni Ghinea (@ToniGhinea) November 1, 2022
To the above analysis, several crypto strategists have responded positively as they predict the exact price movement for Bitcoin.
Another crypto analyst, Toni Ghinea, predicted that Bitcoin might rise to a maximum price range of $22K to $24K before dropping to a low of $11K to $14K by the end of 2022. However, BTC may initiate a fresh bullish rally to $30K in Q1 of 2023.
Can BTC Spark A Short-Term Surge?
BTC has been struggling to continue the bullish rally it initiated in October as it trades in a consolidated range near $20K.
BTC’s price made a downward retracement when it failed to break the $21.1K price level last week. According to CoinMarketCap, Bitcoin currently trades at $20.4K with a minor uptrend of 0.26%.
Looking at the daily price chart, the 100-day EMA is acting as an obstacle as it trades at $21.1K, which pushed Bitcoin to the downside. The RSI indicator also dropped from a level of 62 to 57, hinting at a high probability of a bearish trend.
The Bollinger band’s lower limit is at $19.9K, an immediate support level where EMA-20 is trading. If BTC retraces below this support level, it may trade as low as $19.3K.
However, the MACD line brings some promises as it continues to trade in a positive territory. The Bollinger band’s upper limit is $21.6K, above which Bitcoin may aim for the EMA-200 price level at $25K. To initiate a short-term bullish momentum, BTC needs to trade above its 23.6% Fib retracement and hold its trend.Source