Analyst’s Forecast
A cryptocurrency expert from Cheeky Crypto has made a bold prediction for Bitcoin’s future. During a recent episode on YouTube, the analyst revealed that he expects Bitcoin to surge to $45,000 before experiencing a correction. This prediction is based on the recent positive momentum in the market and the breakout of Bitcoin’s price above its consolidation range.
Potential Surge to $45,000
The analyst believes that Bitcoin is currently in a continuation pattern and that after the range is done, there will be an upward breakout. He also mentioned that volume profiles have been declining throughout the market’s range, which gives him confidence in the potential increase to $45,000.
Notable Correction After Reaching $45,000
However, the analyst also anticipates a notable correction after Bitcoin reaches $45,000. He believes that the Stochastic Relative Strength Index (RSI) indicates a further decline to $30,000. He also mentioned that there is resistance at the 50 Exponential Moving Average (EMA) and support at the 50 Simple Moving Average (SMA) for Bitcoin’s present trading range.
Technical Analysis
The analyst conducted a series of technical analyses on hourly, daily, and weekly time periods. He identified key levels of support, resistance, and indicators to watch for potential market changes and momentum, such as the RSI and the stochastic RSI.
Bitcoin’s Price Surges Above $44,000
Amid the recent bullish rally in the crypto market, Bitcoin’s price has risen above $44,000. This is the first time this month that the crypto asset has reached this level, indicating a potential market recovery. The surge has created a positive sentiment in the crypto space, and some believe it may be due to anticipation around the Ethereum Spot ETFs and BTC ETF options.
Market Caution
Despite the recent surge, the analyst cautions that trend levels are still low compared to last month, indicating that investors should remain vigilant. As of the time of writing, Bitcoin’s price has increased by over 4% in the past 24 hours, trading at $44,704. Its market cap and trading volume have also increased by over 4% and 47% in the past day.
