The price action for Bitcoin (BTC) continues to tantalize investors and once again, concerns over the state of the global economy and rising inflation have prompted warnings that the Fed’s upcoming interest rate hikes could do more damage than good to the state of the market.
Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has hovered near the $43,000 support level in trading on Feb. 11 after rallying 20% from the $37,000 level over the past week.
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Here’s a look at what analysts expect next for BTC and the wider cryptocurrency market.
“Expecting a move to $40,000”
Insight into the bullish and bearish scenarios related to Bitcoin price was offered by crypto trader and pseudonymous Twitter analyst Crypto_Ed_NL, who posted the following chart outlining two possible BTC price trajectories.
A confluence of resistance levels for BTC
Bitcoin now finds itself trading in an increasingly tighter range at these current levels due, in large part, to “the sharp $12,000 move off the lows” of Feb. 4, according to a recent report from Delphi Digital, which noted that BTC is now “heading into resistance on multiple timeframes.”
As the price action for BTC heads toward a confluence of daily, weekly and monthly resistance, Delphi Digital analysts suggest that “market participants of all kinds will be looking at this as a potential price ceiling” and that it represents “a logical place to expect profit-taking/risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows.”
As for the key areas to keep an eye on moving forward, Delphi Digital highlighted a significant amount of support for BTC in the $40,000 to $41,000 range with the next level of support below that at $38,500.
When it comes to the possibility of a move higher for BTC, Delphi Digital listed the zone from $46,000 to $48,000 as a heavy resistance area.
The report noted that,
On a positive note, Delphi Digital also highlighted the recent uptick in institutional flows over the past couple of weeks “as the market started to stage a comeback.”
According to Delphi Digital, Grayscale is the biggest player in the institutional game with “roughly 65% of Institutional AUM,” but there are signs emerging that sentiment is beginning to shift.
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Delphi Digital said,
Related: Bitcoin stuck in a tight range as BTC price moving averages prepare key bullish cross
Bulls could exploit this classic trading pattern
A final bullish perspective for BTC moving forward was offered by crypto analyst and pseudonymous Twitter user IamCryptoWolf, who posted the following chart outlining one possible Bitcoin price trajectory.
The overall cryptocurrency market cap now stands at $1.97 trillion and Bitcoin’s dominance rate is 41.9%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of nftgamef.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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