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October 4, 2022
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Bitcoin

BTC will soon reach a new ATH – believes a well-known analyst –

A popular cryptocurrency strategist who predicted a decline in the BTC rate in March 2020 says he expects Bitcoin to hit a new bottom and will start climbing the new ATH afterwards. All this is to take place in the coming weeks.

New ATH?

Capo analyst analyzed a number of technical indicators to show why he thinks Bitcoin is going to drop a bit more. He explained that the sharp decline in interest in Bitcoin, which relates to the number of contracts held by market participants, is actually good for the market’s leading cryptocurrency.

As before (drop in January), open interest (OI) fell along with the price. (…) This decline in OI was mainly due to the liquidation of long positions and helped reset funding rates. Also shorts are trapped.[Inwestorzy] believe that the price has not hit the bottom, so they shorten positions (…)

– he said, but added that they were “bullish” signals.

Capo also points out that the discrepancy in the Ethereum and Bitcoin charts between the Relative Asset Strength Index (RSI) and price may indicate that the dynamics is shifting towards the bulls. Shows “Hidden bullish discrepancies in high time frames. This divergence is a continuation of the trend [wzrostowego] after confirmation. BTC pivot: weekly close of candle below $ 33,000 Confirmation for BTC: weekly close above $ 57,000 ”.

Whales like it!

In addition, a cryptocurrency analyst notes that whales are buying BTC during such declines, suggesting that major cryptocurrency holders are building a new asset base to prepare for a new boom.

Institutions and whales flock to these levels. The outflows from Coinbase Pro are going up like crazy

– added.

The new ATH is to be achieved in March. The cryptocurrency can then cost around $ 80,000:

The new BTC potential ranges from $ 60,000 to $ 42,000. Target after consolidation above the high end: approximately $ 80,000.

Current Bitcoin rate and other cryptocurrencies, you can always check the tabs: exchange rate Bitcoin and the cryptocurrency rate at . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will find out how you can efficiently create one: LINK.

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