As the uncertainty about the next move of the cryptocurrency market heightens, crypto traders are looking at various technical analysis (TA) indicators to see what will happen to its largest asset in the near future.
If one of these analyses is to be believed, Bitcoin (BTC) might be in for a significant push to the upside, and it might happen soon, according to a tweet published by the pseudonymous crypto analyst Moustache on October 17.
As the trading expert explained and illustrated with a chart, Bitcoin could indeed make an upside push, suggesting that investors should make use of its current levels to accumulate:
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“Bitcoin will experience at least one last major push to the upside. The current buy levels are a gift.”
This prediction is in line with Moustache’s previous statements that Bitcoin would “soon surprise everyone,” as he compared the cryptocurrency’s current activities with the 2017/2018 cycle.
Meanwhile, crypto trading expert Michaël van de Poppe voiced his observation that Bitcoin was “still waiting for this breakout,” as he was looking at longs around $19,300 or a flip of $19,600. Van de Poppe also anticipates a “rally towards $22K coming period.”
Earlier, he predicted a “very big move on the horizon” for Bitcoin as its volatility index had dropped below 25, which, according to him, was “a guaranteed recipe for massive volatility,” as Finbold reported.
Low institutional and whale interest
That said, if the said push is truly to happen, it might not come from large investors, as the leading crypto expert Ali Martinez observed “a lack of institutional BTC players’ and BTC whales’ activity” in his October 18 tweet.
He noted that this lack of interest was evidenced in the fact that “the daily number of Bitcoin transactions with a value greater than $100,000 continues to trend lower,” as indicated in the IntoTheBlock chart he also posted.
Bitcoin price analysis
On the other hand, Bitcoin’s 3-day RSI, combined with its price action, earlier indicated a sharp selling pressure for the flagship digital currency, as observed by technical analyst Matthew Hyland.
Another crypto analyst, Josh Rager, identified the so-called ‘bouncing ball pattern’ in conjunction with a rally, for which he noted that he was “never a fan of” as “it never ends well.”
As things stand, Bitcoin is still struggling to reach the coveted $20,000 mark, currently trading at $19,646, which is an increase of 1.82% on the day, as well as 2.94% across the previous week, according to the data retrieved from CoinMarketCap on October 18.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
