These 5 analysts made successful predictions about crypto market
These five analysts made accurate predictions for the crypto market in the month of February, especially the prices of Bitcoin (BTC), Ethereum (ETH) and Aptos (Apt).
Predicting the cryptocurrency market is notoriously difficult because of the high volatility, lack of correlation with other established assets, and many external factors that can affect it. However, these five analysts managed to do it perfectly, posting accurate predictions on Twitter for Bitcoin, Ethereum and Aptos.
Bitcoin (BTC) hit a local peak at the beginning of the month
Three analysts successfully predicted that the Bitcoin price will reach a local peak in February. Two of them, TheTradingHub and AltreeBet used the Elliott Wave theory to reach his conclusion, while Income Sharks only used levels and deviations.
Bitcoin price is currently trading at a point of convergence between key resistance and support. The horizontal area of $23,900 provides the main resistance while the rising support line keeps the price up. Whether the BTC price breaks out above the former or down from the latter could determine the future trend. A breakout is likely to take the price towards $28,000, while a breakdown could lead to a drop to the 0.382 Fib retracement support level of $21,540.
Ethereum (ETH) price briefly moves above $1,700
The analyst who correctly predicted the Ethereum price movement was Pentosh1. He stated that the award would deviate above $1750 before falling back towards $1600. ETH is the original token of the Ethereum blockchain, created by Vitalik Buterin. It is the second largest cryptocurrency based on market capitalization.
That’s exactly what happened to the ETH price, as the divergence led to a low of $1,557 on February 25th. However, the ETH price recovered afterwards and is now trying to break out above the $1690 resistance area. If successful, this could lead to an increase towards $2,000. However, a rejection from this area could lead to a drop to $1490. Since the RSI broke out from its bearish divergence trendline (green line), a breakout is slightly more likely.
Aptos (APT) is no longer the crypto market’s biggest gainer
Finally, LomahCrypto succeeded in predicting Aptos price drop. Approaching the $20 high, he said he is patiently waiting for a retracement to $13 and possibly even $9.
The APT price fell throughout February, following a descending resistance line in the process. On February 16, both the line and the $16.50 resistance area caused rejections and catalyzed the ongoing downward move. The price is still trading below this resistance line and broke down from the $13.75 resistance area.
Due to this breakdown, the decline towards the horizontal support area at $9.70 is the most likely move, as outlined by Lomah.
However, a breakout from the line and recovery of the $13.75 area would invalidate this bearish hypothesis and could lead to a retest of the $16.50 resistance area.
For BeInCrypto’s latest crypto market analysis, click here.
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