Bitcoin Analyst Anticipates Gradual Price Recovery Amidst Market Consolidation.
In a recent analysis, a well-regarded crypto analyst expresses confidence in Bitcoin’s potential for a steady price recovery, even as the digital asset hovers below the psychologically significant $30,000 level. The analyst, known as Cheds, commands a substantial audience of 50,300 subscribers on YouTube, where he shares his insights and strategies.
Cheds acknowledges that while Bitcoin is known for its unpredictability, he firmly believes that a reversion to the $20,000 price zone is highly unlikely. Instead, he identifies multiple support levels for BTC, particularly emphasizing the strong buyer interest expected at the $25,000 price mark, which could act as a critical floor to halt any further downward movement.
Discussing price levels, Cheds clarifies that discussing the possibility of $20,000 is irrelevant since it lies below the high timeframe level. He, however, encourages discussions about the $25,000 level, as it currently falls within the range of the ongoing price action, making it more pertinent to the current market situation.
While acknowledging the possibility of BTC retesting the $25,000 level, Cheds predicts a higher likelihood of the cryptocurrency revisiting the range of $27,500 to $28,500 before continuing its upward trajectory. His overall sentiment aligns with a gradual and steady rise in Bitcoin’s value.
Cheds estimates a 70% probability of Bitcoin retesting the $28,000 range, indicating that this outcome is the most plausible scenario based on his analysis. In addition to his YouTube audience, the crypto analyst also shares his perspectives with his 311,500 Twitter followers.
According to Cheds, Bitcoin is presently consolidating within an uptrend, signaling a shift from its previous downtrend. He points to the significant milestone of overcoming the high timeframe resistance at $25,000, with the 200-week moving average serving as a reliable support level.
At the time of writing, Bitcoin is trading at $29,224, showcasing its resilience despite the recent market fluctuations.
In conclusion, Cheds’ analysis instills optimism within the crypto community, suggesting that Bitcoin’s journey to recovery might involve a slow but steady ascent. As market participants keep a close eye on support levels and potential retests, the overall sentiment remains hopeful for a more positive price movement in the foreseeable future. However, as with any financial prediction, uncertainties persist, and investors are encouraged to approach the market with vigilance and a comprehensive understanding of risk management.
Read Also: UK Watchdog to Investigate Eye-Scanning Worldcoin (WLD) Project: Report
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
- Advertisement -
Comments are closed.