Bitcoin to $45,000 or $30,000? Analysts reveal key factors driving decisions
Representative cryptocurrency, BitcoinIt continues to be flat and appears to be at a crossroads with indecision about whether to move. downward or upward. Crypto analyst Eric Krown Crypto comments on the current price action, revealing the key factors that will determine Bitcoin’s next move.
Bitcoin in “Outlier Land”
in video Eric Krown posted on his YouTube channel: stochastic indicator Analyze Bitcoin’s current price and predict which direction the cryptocurrency token will head. Based on his analysis, Krown noted that current probabilistic levels point to a potential correction. Bitcoin is long overdue.
The analyst argued that Bitcoin will emerge once a correction occurs. Drop to $30,000 range, he labeled the $28,000 price level as the “worst case scenario.” Meanwhile, he found that the median of the five-day HPDR band is still around $44,500. Therefore, he expects BTC could still move towards that price level or $45,000 in the near term.
Crown believes in Bitcoin. Stay under $46,000 This means that a correction is likely to come at some point, implying that Bitcoin could end February in the red. However, a move above $46,000 would evidence a move to the upside, with the cryptocurrency token likely to cross $50,000 and reach $53,000, the analyst claimed.
Will BTC follow history or defy expectations?
Crown also mentioned historical data To prove that the end of Bitcoin’s monthly deficit is imminent. He said Bitcoin typically averages about three consecutive months in the green before having a red month. The longest number of months Bitcoin has stayed green is said to be seven months.
He therefore suggested that it would not be appropriate for February to be a red month for the flagship cryptocurrency token, considering that each month ended in green. From September. These gains were driven primarily by excitement about the potential approval of . Bitcoin ETF Spot.
Bitcoin continues to defy expectations, and there is a chance that February will still be a bullish month for BTC. fun, data Coinglass’ analysis shows that February (along with October) is the most bullish month for the flagship cryptocurrency token, with Bitcoin ending the month in the red on only two occasions.
At the time of this writing, Bitcoin is back above $43,000 in the last 24 hours. data From CoinMarketCap.
BTC price trending at $43,100 | Source: BTCUSD on Tradingview.com
Featured image from Milk Road, Chart from Tradingview.com
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