July 23, 2024
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Bitcoin, according to analysts, could return to its previous ‘high’ very soon


Bitcoin might fall by 76 percent to $10,000 by 2023, according to Stifel’s Barry Bannister. Gareth Soloway, President and CFO of InTheMoneyStocks.com, agrees that Bitcoin faces headwinds in terms of monetary outlook and has set a high-end objective of $20,000. During a recent podcast, he went on to say,

“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. “

Bitcoin was considerably below the critical psychological level of $40,000 at the time of publication. After temporarily breaching the threshold on February 26th, Bitcoin was unable to maintain its rebound due to continued market uncertainties.

When using the 14-day Relative Strength Index (RSI) to analyze Bitcoin’s momentum, one can learn a lot. On the daily chart, the RSI was at its lowest point on February 21st. Since then, it has generally remained at 45.

As a result, Bitcoin has taken on a bearish trend. This simply suggests that the chances of Bitcoin continuing in oversold territory in the near term are increasing.

Meanwhile, the market appears to be fearful in the midst of the Ukraine-Russia war. Indeed, some investors have succumbed to panic selling. Long-term players, on the other hand, have complete faith in the king coin.

The Average True Range (ATR) indicator, on the other hand, continues to demonstrate substantial volatility in the asset’s movement. In light of this, Soloway predicts that Bitcoin will not reach its previously forecasted $100K target until “monetary supply starts to expand all of a sudden.”

On February 18, for example, Bitcoin’s technical charts created a head and shoulders pattern. In this regard, Soloway stated that if BTC breaks through its resistance, a short-term upside potential of $50,000 to $52,000 can be envisaged. The assistance, on the other hand, will be in the $27,000 to $29,000 level.
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