AsBitcoinpriceclimbedabove$68,000,analystsseemedtodisagreeoveritsnextmove.Some,includingMaxKeiser,expectareturntothenewall-timehighof$220,000.Othersaremorecautiousandwarnofacorrectionbeforefurtherupswing.
ThemixedpredictionscomeatatimewhentheBitcoinsignalisindicatingbothbullishnessandshort-termweakness.
MaxKeiserPredicts$220KasGold’sRiseFuelsOptimism
MaxKeiser,aprominentBitcoinadvocatesharedhispredictiononX(formerlyTwitter),anticipatingthatBitcoinislikelytosurgetoaround$220,000sometimesoon.
ThenewATHGoldpriceispredictingBitcoinwilltradeover$220,000verysoon.
—MaxKeiser(@maxkeiser)October18,2024
Hebasesthisboldforecastonthenewall-timehighforgold,whichrecentlyhit$2,714perounce.Regardingthefutureprice,Keiserisconvincedthatasgoldincreases,Bitcoinwhichthemajorityregardas‘digitalgold’willinevitablygoupinprice.
AccordingtoKeiser,thepricethatbitcoinistradingatabove$68,000isjustscratchingthesurfaceofhigherheights.Inhisopinion,giventhefundamentalsandmacroeconomicfactors,thepriceissetforabigupsurge.
AccordingtoKeiser,itisjustastartthatthepriceofBitcoinisnowupto$68,000.Asperhisinsight,basedonthefundamentalsandmacro-economicconditions,thereareprospectsofpricevolatilitygoingup.
Headds,“ThenewATHGoldpriceispredictingBitcoinwilltradeover$220,000verysoon.”
BearishDivergenceandaPotentialPullback:AnalystsSoundCaution
However,thereareotheranalystswhodisagreewithKeiser,statingthatBitcoinisyettohitthenewhighasitmaybecorrected.JustinBennettpresentsabearishrisingwedgepattern,whichinthiscasemaysuggestaretracement.
HesaysthattheinabilitytodosolastFridayquestionsthesustainabilityofthenear-termrally.
#BitcoindidnotbreakoutonFriday.
Again,lastweekwasprimarilyaperp-drivenrally,whichisnotconducivetoasustainablebreakout,andOIremainsnearitslateJulyhighs.
Wenowhaveapotentialrisingwedgedevelopingwithbearishdivergenceeverywhere.
Iwouldn\'t…https://t.co/xT8EmjpJySpic.twitter.com/20dBgyDWL8
—JustinBennett(@JustinBennettFX)October19,2024
Bennettalsonotesthatlastweek’srallywasnotbecauseofnewspotbuyingbutbecauseofperpetualcontract(perps),thusalesssolidbaseforitscontinuedupwardmovement.
HenotesthattheOIlevelsarenearJuly’shightradinglevel,whichindicatesthenumberofleveragedtrades,whichcouldtriggerareversal.
AccordingtoBennett,wemayseeBitcointestingsupportatabout$63,000beforeitresumesitsupwardmovementinthenearfuture.
TechnicalIndicatorsShowMixedSignalsforBitcoin’sNextMove
FromthecurrentBitcoinpriceupdate,thereseemstobealittlebitofapullbackaftertherecentrallyinthepricerangeclosesat$68,302.87afteradropof0.18%.
1-dayBitcointradingchart:sourceTradingView
TechnicalindicatorssuchastheMACDandRSIsuggestconflictingtrends,addingtotheuncertaintyaboutBitcoin’sdirection.TheMACDlinecontinuestoriseslowlybutisstillbelowthesignalline,whichmeansthatthebullsarelosingsteam.
Ontheotherhand,theRSIisalmostoverboughtat68.46,whichmayindicatethatitistimeforashort-termcorrection.AnalystsarecloselywatchingthesesignalstodeterminewhetherthemarketwillpushBitcoinhigherorconsolidatefurther.
thecoinrepublic.com