Wed, June 19, 2024

Bears Control BTC Price – Analyst Expectations

Bitcoin outflows surge to 100K BTC monthly

Traders faced another day of the red market on April 14 after the weakness in the stock market continued cryptocurrency prices. Disseminated data show that support has remained above $41,000 since the early hours of April 14; The BTC price fell below $40,000 during the afternoon session. It reached a daily low of $39,550. Rekt Capital reviewed Bitcoin price action on the monthly chart. He published the following diagram showing what happened when he rejected the $47,000 resistance level in September 2021.

Like the current price action, the move in September also fell to the blue support line at $41,300. According to Rekt Captial, history may repeat itself as long as BTC completes its monthly closing above the blue. A similar perspective was expressed by crypto analyst Decodejar under the pseudonym Twitter. He published the following diagram showing that Bitcoin needs more than $42,000 in support.

BTC $40,000 Zone

Michaël van de Poppe, a cryptocurrency analyst, sees the current price of Bitcoin as “a fairly standard playing field”; Based on the following diagram posted on Twitter. He said looking at the $42,000 threshold in the first place would be a violation of the trend. Otherwise, the $40,000 zone is where you want to check-in for a long time. Analyst On-Chain College explored Bitcoin’s long-term outlook based on profit-sharing percentage. He published a chart where he noted that Metric jumped 62.5% three times this year. He estimates that currently, 69% of deliveries are on profit. Historically, when this metric hits the red zone, BTC is “overheated,” and the potential selling pressure is high.

The second observation, which suggests the future of BTC growth, was explained by crypto analyst TAnalyst. He published a diagram analyzing the Bitcoin Delay Index. According to TA Analyst, this is the third time since 2015 that it has been in the green zone. The last two times this happened, it was followed by a massive growth trend. The total market capitalization of cryptocurrency is now $1.857 trillion. At the same time, the dominance of Bitcoin is 40.9%.

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