Yuri Molkhan
According to this cryptanalyst, Bitcoin could face a correction unless the following happens
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- “I’d rather focus on $29.7K”
- “At least $100,000 before halving”
Crypto analyst and trader Ali Martinez shared a bitcoin chart on Twitter to show that several factors indicate a possible near-term correction for BTC.
He explained that the TD Sequential Index is signaling a sell. Apart from that, there is bearish RSI divergence. However, if a four hour candle appears above the $31,000 level, it would indicate that the possibility of a correction is invalidated.
Bitcoin recently rebounded above $30,000 for the first time in 10 months after the inflation index came in lower than analysts had expected. Currently, BTC is changing hands at $30,746 according to the CoinMarketCap price scale.
“I’d rather focus on $29.7K”
Another prominent analyst, Michael van de Poppe, also believes that despite Bitcoin’s strong appearance, there could be some “shallow corrections” to the uptrend it is currently following.
Poppe has marked the $31,700-$32,000 levels as the key resistance point. While many people wanted to buy BTC while it was trading at $25,000, he believes that “want to buy BTC” level could now shift to $28,500.
He prefers to focus on the $29,700 level for Bitcoin for now.
“At least $100,000 before halving”
Martinez also joined the commenters under Adam Back’s recent tweet about Bitcoin. The prominent cryptographer and cypherpunk reminded his followers that BTC price is up 70% this year through March — meaning it surged from $16,600 to $28,000.
He anticipated that if BTC continues to rise at the same pace, it will reach $48,000 by June; $82,000 by September and $140,000 by December, or at least $100,000 by then when price growth falls from 70% per month to 53% for Q2, Q3 and Q4.
Ali agreed, stating that according to on-chain data, Bitcoin is likely to surge to at least $100,000 by the time of the halving, which is set to occur in April or May next year.
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