- “Coosh” Alemzadeh predicted that BTC may reach $165K by November 2023.
- In his post, the analyst stated that there is overwhelming evidence that 2019’s cycle is coming to an end.
- At press time, BTC was trading at $30,494.16 after a 0.24% gain in the past 24 hours.
The crypto trader and analyst “Coosh” Alemzadeh predicted in a tweet yesterday that the price of Bitcoin (BTC) may reach $165K before November 2023. In the post, he added that the leading crypto’s monthly chart indicates the market is near the end of the 2019 cycle.
At press time, BTC was trading well below the predicted $165K mark. Nevertheless, it continued to trade above the psychological $30K level at $30,494.16 according to CoinMarketCap. This is after the crypto experienced a 0.24% gain over the past 24 hours. Despite the daily gain, BTC’s weekly performance remained in the red at -1.04%.
The crypto’s daily trading volume was also down at press time. As a result, the total stood at $8,619,014,128, which was a 63.45% drop in the past day of trading.
BTC’s positive price performance over the past 24 hours was accompanied by a 0.42% gain in BTC’s market dominance. As a result, the market dominance of the largest crypto by market cap stood at around $1.19 trillion. BTC also occupied the number 2 spot on CoinMarketCap’s trending list – placing it behind the meme coin Pepe (PEPE) and above Litecoin (LTC).
From a technical perspective, BTC’s price was trading above the 9-day and 20-day EMA lines at press time as well, and was looking to break above the next major resistance level at $31,135. One technical indicator, however, suggested that BTC’s price would be rejected by the resistance level in the next 24-48 hours.
The daily RSI line had crossed bearishly below the daily RSI SMA line over the past 48 hours. This was a significant bearish flag which, if validated, may result in BTC’s price falling to the crucial support level at $28,850 in the coming week. On the other hand, if the bearish flag is not validated, BTC may look to break above the aforementioned $31,135 mark.
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