- Crypto Analyst stated that BTC was presenting itself as a viable investment for those about to make an entry.
- Tedtalksmacro stated that traders can invalidate the return of BTC to $24K.
- BTC seems to be reciprocating its 2020 pattern. It could surge abruptly.
Crypto Analyst Tedtalksmacro tweeted that Bitcoin was advertising itself to those who’d like to hold or make an entry. The analyst made this statement by highlighting how Bitcoin made its first higher-high since November 2021 and high-lower since January 2023 on the weekly chart.
Furthermore, he debunked all the myths about BTC dipping back into the $24K region and stated that the market has shifted.
His tweet read:
Traders now have clear invalidation and can cut longs on acceptance back into the range below 24k. Market structure has well and truly shifted.
BTC opened the market trading at $28.02K. Just a few hours into the first day of trading, BTC fell below its opening market price as shown in the daily chart below. For almost the first three days of the week, BTC was consolidating within the $27.10K and $28K range. On the fourth day of the week, the bears pulled BTC further down. As such, the coin started sinking deeper into the mire and reached $26.62K in the late hours of the fourth day.
However, the dawn of the fifth day brought a glimmer of hope to BTC as it started printing higher-highs and higher-lows. During the late hours of the fifth day morning, BTC was able to finally trade above its opening market price. It reached its maximum price of $29.13K.
When considering the chart above we could see that BTC seems to be reciprocating its fluctuating pattern back in late 2020. If BTC is following this path, we could expect the price of BTC to hit Resistance 2 at around $57.6K. Another possibility is that BTC could hit Resistance 1 and consolidate between $37K and $44K.
However, in the event that BTC gets caught in the clutches of the bears, it may land on Support 1 at around $16K. If the bears are too strong, then BTC could tank to Support 2 at around $8.25K. Will BTC tank below 24K or will it abide by Tedtalksmacro’s precision? Time will tell.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.