Renowned cryptocurrency analyst CoinsKid has made a bold prediction about Bitcoin’s price movement, suggesting a potential “last dump” before an anticipated pump. On August 7, CoinsKid shared his insights, pointing to the weekly 20 EMA price zone at around $28,000 as the likely retracement target for Bitcoin.
While some of CoinsKid’s followers express skepticism about this prediction, the sentiment in the market, as indicated by the Fear & Greed (F&G) Index by CoinMarketCap, remains neutral with a score of 50. This neutral sentiment reflects recent lateralization in BTC’s price action, providing little indication of a clear bearish or bullish trend.
However, CoinsKid remains confident in his analysis, sharing a triangle drawn on the weekly Bitcoin chart, indicating an important decision zone for BTC’s future movement. According to his analysis, after retracing to the 20-week EMA at $28,000, he expects a pump that could push the price to the $40,000 zone and beyond.
CoinsKid’s analysis also incorporates the correlation between Bitcoin’s price action and the dollar index (DXY). He asserts that when the DXY goes down, BTC tends to rise, and he firmly believes that the dollar is on a downward trend, which could continue to benefit Bitcoin’s price.
The analyst’s bullish outlook is further supported by comparisons to technical analysis (TA) patterns from 2020, where BTC experienced a last dump before embarking on a massive Bullrun that ultimately drove its price to $69,000 in 2021.
As of the time of writing, Bitcoin’s price stands at $28,940, reflecting a slight decline of 0.31% on the day. However, it has recovered from a more significant retrace that occurred a few hours earlier.
In conclusion, whether Bitcoin meets CoinsKid’s expectations will largely depend on future developments related to the cryptocurrency itself and the general sentiment in both the wider crypto market and the macroeconomic landscape. As the market continues to evolve, investors and traders will closely monitor these factors to anticipate Bitcoin’s potential movements in the coming days and weeks.
