In the ever-evolving world of cryptocurrency, analysts are buzzing with excitement as they share different perspectives on the future trajectory of Bitcoin (BTC). Today, we bring together the views of three leading analysts. We shed light on potential paths ahead for the flagship cryptocurrency.
CryptoCon is bullish for Bitcoin
Crypto analyst CryptoCon recently made waves with a bullish Bitcoin price prediction. Examining the specifications, CryptoCon highlights a violation of the Fair Value Tier resistance, an important metric that uses log regression curves to predict price ranges. According to the analyst’s chart, Bitcoin rose to $38,000 in anticipation of a Bitcoin ETF approval. The interesting aspect lies in BTC’s potential to rise above $60,000. It also faces minimal resistance near the $61,156 mark. CryptoCon acknowledges that reaching such heights is historically unlikely. But an evocative scenario from 2019 shows that exceeding fair value tier 4 is not entirely unreasonable.
Additionally, CryptoCon predicts a potential climb to $47,000 by December 2023 or January 2024 based on Fibonacci MVRV analysis. Amid Bitcoin’s momentary pause at $37,000, attention is shifting to the evolving altcoin season, with Layer-1 coins and DeFi tokens like Solana and Cardano gaining significant traction.
Cheds: There are overbought indicators
Cheds, an analyst with a significant following, also attracted attention. The analyst adds another layer to his Bitcoin prediction. Focusing on the Relative Strength Index (RSI) indicator on the weekly chart, Cheds states that the indicator has entered the “overbought” zone. Contrary to conventional wisdom, Cheds argues that overbought status indicates bullish momentum for Bitcoin. Cheds rejects the notion that overbought conditions warrant a correction, citing a similar event in October 2020 when the overbought signal preceded a notable 5x increase from $12,000 to $64,000. Currently, Bitcoin is trading at $37,002. Additionally, Cheds sees potential bullish momentum if Ethereum breaks a key $2,150 level.
There is also an expectation of correction
The comments of the famous crypto analyst Ali, who added some caution to the optimistic outlook, also attracted attention. The analyst describes the current market situation as a “disbelief” rally. Using the Wall Street Cheat Sheet market cycle analogy, Ali suggests that skepticism can trigger a corrective phase and allow bears to say “I told you so.” Ali predicts this as a precursor to a significant bull run, although he expects a brief correction. He emphasizes that a “disbelief” rally typically precedes a market transition from “depression” to “hope.” While Ali predicts a potential pullback to $35,000 or at most $30,000, participants are expressing willingness to seize the opportunity to increase their Bitcoin holdings.