Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
It’s been exactly a month since the Bitcoin price lost the $90,000 level, falling to around $77,000 in a single move. The premier cryptocurrency has yet to recover from this downturn, struggling to break out of the $82,000 – $87,000 range over the past few weeks.
As of this writing, the price of Bitcoin is hovering around the $83,000 level, reflecting a mere 1% decline in the past 24 hours. According to data from CoinGecko, BTC’s value has barely changed over the past seven days.
Here’s How Bitcoin Price Could Jump 15%
Popular crypto analyst Ali Martinez took to the X platform to share an exciting analysis of the price of Bitcoin. According to the online pundit, the market leader seems primed for a 15% move to the upside over the coming days.
This bullish prediction is based on the formation of a symmetrical triangle on the four-hour Bitcoin price chart. The symmetrical triangle is a technical analysis pattern characterized by a diagonal falling upper trendline (connecting the swing highs) and a diagonally rising lower trendline (along the swing lows).
With its price narrowing towards the apex of the triangle, there is a likelihood that BTC will breach the upper trendline for a breakout. According to Martinez, if the Bitcoin price successfully breaks out of this pattern, investors could see the premier cryptocurrency register a bullish 15% move to around $95,000.
$87,000 Could Prove Pivotal To This BTC Move
Martinez revealed in a separate post that the Bitcoin price might need to overcome a major resistance level to resume its bull run. This is based on the formation of a “confluence zone,” which represents a price range where multiple technical resistance levels meet.
This confluence range seemingly forming on the daily timeframe of the Bitcoin price chart would consist of the 50-day and 200-day moving averages (MAs) and a descending trendline. The 50-day moving average acts as a gauge of short- to mid-term trend direction and as a dynamic support and resistance level.
Similarly, the 200-day MA is used as a long-term trend indicator, with a break above it considered a major bullish reversal signal. Meanwhile, the Bitcoin price has been forming lower highs (connected by a descending trendline) since reaching the all-time high of $108,786.
As mentioned earlier, the Bitcoin price has been trading in a consolidation range over the past few weeks, with the bulls unable to make a sustained upward run. However, the recent show of strength in the face of growing macroeconomic uncertainty somewhat strengthens a bullish case for the flagship cryptocurrency.
In any case, investors might want to pay extra attention to $87,000, as the convergence of three technical resistance indicators increases the likelihood of a price rejection at the level. Moreover, the Bitcoin price had already tried breaching this mark in the past week before correcting back to around $82,000.
Featured image from iStock, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
