Bitcoin Analyst Reveals Why $57,938 Is The Level To Watch This Week
May 15 2024 - 8:30AM
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Crypto analyst CryptoCon has revealed a key level to watch out for
as Bitcoin attempts to break critical resistance levels. The
analyst suggested that a drop to this price level may not be bad
for Bitcoin and could instead be necessary for it to finally make
that price rally. $57,938 Is The Price Level To Keep An Eye
On CryptoCon mentioned in an X (formerly Twitter) post that $57,938
is the “new price to watch for the 20-week EMA (Exponential Moving
Average).” He noted that such a price drop might be necessary,
stating that “boredom and sideways price action allow room for
growth.” Based on his analysis, any potential price decline that
Bitcoin experiences is a healthy correction and shouldn’t be
considered a bearish reversal. Related Reading: Dogecoin
Derivatives Volume Jumps 111% As Open Interest Spikes, But What
About Price? Meanwhile, Bitcoin is showing impressive strength on
the charts, with CryptoCon stating that the flagship crypto
“continues to hold the 20-week EMA as support while visiting the
almost absolute bottom of the cycle 4 DMI support zone.”
CryptoCon’s positive outlook for Bitcoin provides assurance that a
parabolic move is still on the horizon. Crypto analyst Rekt
Capital also recently shared a positive outlook for Bitcoin. He
revealed that Bitcoin was out of the “Danger Zone,” suggesting that
the flagship crypto was primed for a move to the upside. The
analyst also remarked that Bitcoin was running out of unremarkable
months before it began its parabolic phase. Crypto analyst
Mikybull Crypto hinted that Bitcoin was already showing signs of
this imminent parabolic phase. In an X post, he mentioned that
Bitcoin was displaying a cup and handle reversal pattern on the
weekly chart and that the “breakout will be explosive and will send
it to a cycle top.” While agreeing with Mikybull Crypto’s analysis,
Crypto analyst BitQuant mentioned that $95,000 will be “achieved in
one move, and that is quite obvious.” He, however, noted that it
remains uncertain when this move will happen and called for
patience as everyone waits for Bitcoin “to perform as expected.”
BitQuant further advised that it might be better to leave the
market for those who can’t “avoid the torture,” claiming that there
“will be a lot of pain for those with weak nerves” in the coming
months. Based on Arthur Hayes’s prediction, investors might have to
wait until August for that big move from the flagship crypto.
Bitcoin Is Still Far From Its Market Top In a recent X post, Rekt
Capital suggested that Bitcoin was still far from its market top.
He highlighted past cycles, which show that the bull market peak
usually occurs between 518 and 546 days after the halving. Based on
this, the analyst predicts that the flagship crypto will likely
peak in September or October 2025. Related Reading: Shiba Inu
Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This Analyst’s
Prediction Comes True? The crypto analyst also acknowledged that
Bitcoin has been accelerating in this cycle by over 200 days.
However, he remarked that Bitcoin could resynchronize with past
halving cycles if it continues to consolidate for longer.
Featured image from CoinDesk, chart from Tradingview.com
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