- An analyst from Crypto Banter predicted that BTC could climb to $32.6K in the next few weeks.
- However, a break below $26,121 may lead to BTC dropping to $23K, warned the analyst.
- Gareth Soloway believes traders are trading BTC and NVDA, chasing which of the two is hot/moving, while selling the other.
Analyst Kyledoops from Crypto Banter predicted that the price of Bitcoin (BTC) could rise to $32,600 if it is able to break above $28,900 in his latest analysis. In the video, he also highlighted the 50 and 100 EMA lines on the 4-hour chart as important levels to watch in the coming few days. According to the analyst, a break above these technical indicators will be bullish for BTC.
The Crypto Banter analyst did, however, mention that this bullish thesis will be invalidated if BTC fails to hold above $26,121. A break below this level could be an early sign of the market leader’s price falling to $23K within the following 2 weeks, warned Kyledoops.
Interestingly, the order book depth for BTC is currently very thin. As a result, a whale will be able to easily sway the price depending on the position that it takes on the cryptocurrency, according to the analyst.
From a market dominance perspective, another analyst that joined the discussion shared his belief that BTC’s price has not yet reached its high for this bear market. Therefore, he predicted that its dominance may rise in the coming couple of weeks as the cryptocurrency’s price begins to ascend.
One potential driving force behind this increase in BTC’s dominance is the pending approval of a Bitcoin Exchange Traded Fund (ETF), which is expected to be confirmed next week. However, the analyst shared that the chances of the ETF getting approved are rather bleak given the latest selloff that took place in the market during the previous 2 weeks.
In related news, the cryptocurrency trader and analyst Gareth Soloway revealed that there is a possible correlation between BTC and NVDA in a tweet today. In the post, Soloway mentioned that the same investors are trading BTC and NVDA. He also stated that these traders are just “chasing which of the two is hot/moving, while selling the other.”
At press time, the cryptocurrency market leader was changing hands at $26,444.65. This was after the cryptocurrency’s price rose 1.53% over the past 24 hours.
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