Bitcoin price prediction: BTC to peak $42000 and drop, analyst

TL;DR Breakdown

  • Bitcoin price prediction expects a peak to $42000.
  • Strong support is currently found at the $37000 mark.
  • Strong resistance currently lies at the $38000 mark.

The king of cryptocurrencies, after a dump from $41,000 to $34,000, has regained momentum and is back on the upward trajectory. Only time will tell if it will be able to regain the same bullish pressure. The king started off the day with a low of $32,640 and on a upward trend hiked to a 24-hour high of $38,100. At the time of writing, the king was priced at $37,287.

Out of the 28 technical indicators, 16 are giving out a signal of buy with ten neutral indications and two sell indications. Nine of the total oscillators are neutral with two sell indications and zero buy indications. The majority of the moving averages are at buy indications with one neutral and zero sell indications. 

Bitcoin price prediction: What to expect?

Analyst Trader PH has identified a symmetrical triangle break out in their Bitcoin price prediction. Per the analyst, the break out will only be confirmed if Bitcoin was able to break the strong resistance of MA 75, which it was able to. The break out from the triangle indicates that upward pressure has taken over, and Bitcoin is gaining bullish momentum. The analyst is also expecting a 51 percent move from the low of $30,200. Per the analyst, the 51 percent move is likely because the all-time high that Bitcoin established was a 51 percent move – from $27,000 to $42,000.

Secondly, the current break-out has been confirmed with the MA 75 level breaking and indicates strong bullish momentum. And finally, the recent 3-wave Elliot correction of Bitcoin means that the cryptocurrency is safe from a correction for a while. The analyst also stated similar patterns in the historical price action of Bitcoin that indicates a 51 percent move. As per the analyst’s Bitcoin price prediction, BTC will peak in three days, and then a sharp correction to the ascending trend line can be expected. 

Analyst Jacob Thames has identified two possible trajectories for the king of cryptocurrencies in his Bitcoin price prediction. If Bitcoin can hold the $37,000 level, then the first target price can be $39,025, followed by $40,100 and ultimately $41,990. However, if Bitcoin cannot sustain its current support level, the price can take a downturn. The first target price, in that case, can be $36,317, followed by $34,000. The MACD appears to have taken a downturn, but the analyst is optimistic that the upper targets will be reached. 

Analyst Greenfield Analysis has established Bitcoin to be operating inside two ascending parallel channel lines. The lower line of the channel will be providing crucial support to the cryptocurrency, which will help it continue its bullish divergence. Per the analyst, if Bitcoin continues inside these two channel lines, then Bitcoin can be expected to retest major resistance levels soon and possibly break out to the upside. However, if Bitcoin broke out of the formation to the downside, per the analyst, it will enter a “Danger zone.” 

However, not all analysts are so hopeful for Bitcoin price action. Analyst Galice has identified a bearish butterfly pattern in their Bitcoin price prediction, which indicates the onset of bearish momentum. 

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