Is Bitcoin Poised for a Big Boost to the Upside? Here’s what the crypto experts say
As uncertainty about the next move in the cryptocurrency market increases, crypto traders are looking at various technical analysis (TA) indicators to see what will happen to its biggest asset in the near future.
If one of these analyzes is to be believed, Bitcoin (BTC) could be in for a significant rally, and it could happen soon, according to a tweet published by the pseudonymous cryptanalyst Mustache on 17 October.
As the trading expert explained and illustrated with a chart, Bitcoin could indeed make an upside push, suggesting that investors should use the current levels to accumulate:
“Bitcoin will experience at least one last big push to the upside. The current buy levels are a godsend.”
This prediction is in line with Mustache’s earlier statements that Bitcoin “would soon surprise everyone,” as he compared cryptocurrency’s current activities with the 2017/2018 cycle.
Meanwhile, crypto trading expert Michaël van de Poppe stated his observation that Bitcoin was “still waiting for this breakout,” as he eyed longs around $19,300 or a flip at $19,600. Van de Poppe also expects a “rally towards $22K next period.”
Earlier, he predicted a “very big move on the horizon” for Bitcoin when the volatility index had fallen below 25, which he said was “a guaranteed recipe for massive volatility,” as Finbold reported.
Low institutional interest and whale interest
That said, if the aforementioned push is indeed to happen, it may not come from big investors, as leading crypto expert Ali Martinez observed “a lack of activity by institutional BTC players and BTC whales” in his Oct. 18. chirping.
He noted that this lack of interest was evidenced in the fact that “the daily number of Bitcoin transactions with a value greater than $100,000 continues to trend lower,” as indicated in IntoTheBlock chart he also posted.
Bitcoin price analysis
On the other hand, Bitcoin’s 3-day RSI, combined with the price action, previously indicated strong selling pressure for the flagship digital currency, as observed by technical analyst Matthew Hyland.
Another cryptanalyst, Josh Rager, identified the so-called “bouncing ball pattern” in connection with a rally, which he noted he was “never a fan of” as “it never ends well.”
As things stand, Bitcoin is still struggling to reach the coveted $20,000 mark and is currently trading at $19,646, up 1.82% on the day, as well as 2.94% over the last week, according to the data obtained from CoinMarketCap on 18 October.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
