With the price of Bitcoin and other cryptocurrencies falling, the cryptocurrency market is being shaken up. At the time of writing, the price of bitcoin has slightly traded above the $23,000 mark and has lost close to 2% of its value over the past day. Also, the daily chart shows that the bearish action may extend below the $23,000 support level.
Recently released macroeconomic data that indicates a faltering economy may have been the root cause of this. Quarter-over-quarter GDP growth fell from 3.2% to 2.7%
A popular cryptocurrency analyst has predicted that Bitcoin (BTC) will likely experience a big midterm increase. According to Altcoin Sherpa, Bitcoin is expected to drop before experiencing an upside breakout.
He said that as for BTC, his area of interest is $21,500. The analyst said that BTC is getting closer to the HVN (high volume node) area and the 200-day EMA [exponential moving average]. In these circumstances, the price can still move higher overall even after a 15% retracement. However, he still thinks BTC will finally reach $30,000 in the midterm.
HVNs are price zones where there was a high volume of activity, indicating periods of
consolidation that serve as support or resistance. If Bitcoin follows Altcoin Sherpa’s forecast, the market leader might first fall to a price of $21,500 before rising to a price of $30,000, indicating an upside potential for BTC of around 40%.
Another analyst is concerned that many traders are currently losing money in the cryptocurrency markets. Altcoin Psycho claimed that January was a profitable month, but February came without warning.
“After almost a full month, BTC is still at the same level as February. Monthly Open. Late bears and bulls alike have been punished by a chop.”
Source: https://coinpedia.org/bitcoin/heres-when-actual-bitcoin-bull-run-might-start-analyst-predicts-timeline/