The world’s largest cryptocurrency, Bitcoin price hit a nine-month high yesterday on March 14 after the currency peaked at $26,000. This massive surge was witnessed after the release of the US Consumer Price Index which claimed a drop in inflation rate. In Fact after Bitcoin hit the above target, the overall crypto market claimed a massive bull run.
However, today March 15, the flagship currency has flipped below $25,000 area and is now trading at $24,933 with a fall of 4.17% over the last 24hrs.
Meanwhile, a closely followed economist known as Alex Kruger is claiming a bullish stance towards the star cryptocurrency. The economist, while he addresses his 151,000 Twitter followers, asserts that Bitcoin is currently on a perfect price action. This comment comes while he points towards Changpen Zhao’s Bitcoin chart.
Top Indicators Point For Bullish Bitcoin Price
Next, in his Twitter thread, the trader and analyst gives out why he believes Bitcoin’s present price action is bullish. As he lists his reasons, Kruger also lays out long-term indicators that are flashing green that includes multi month long consolidation, bounce off the 200 dma and higher low on high volume among others.
Moreover, Alex Kruger is of the opinion that Federal Reserve’s upcoming decision on interest rate hikes will majorly determine Bitcoin’s price action.
Before the strategist winds up his analysis, Kruger gives out his prediction for the year 2023 where he is confident that inflation and interest rates are set to be positive for the cryptocurrencies.
However, this can only be proved after the Federal Reserve’s next meeting which is scheduled on March 21. At present it is important for Bitcoin price to maintain its price action above $24,000 and claim its next resistance of $25,000.
Source: https://coinpedia.org/bitcoin/this-is-a-perfect-price-action-for-bitcoin-price-claims-top-economist-here-is-what-it-means/