Bitcoin (BTC) could still rally to $20,000 even though the market-leading cryptocurrency is currently climbing to a multi-month high.
Bitcoin Price Chart (Bitstamp). Source: TradingView
fly or fall over?
As data from Cointelegraph Markets Pro and TradingView showed, bitcoin price was able to rally again to around $25,000 on Aug. 13, but at least there is new resistance waiting.
It rallied above $1,300 on Friday night but then the climb died out near the critical hurdle.
“One last high before opening short positions are wiped out,” notes crypto trader Il Capo solemnly.
His colleague Jibon is also cautious, saying he is waiting for a higher price to re-enter to avoid the risk of the downtrend continuing.
If you look at my tweet and buy $BTC at 18-19k you will have a 30% profit (without leverage).
To be honest, I don’t feel safe right now. I would buy higher. $BTC $ETH $SPX $NASDAQ
— Trader_J (@Trader_Jibon) August 12, 2022
Influencer Credible Crypto, on the other hand, is more bullish but views any correction as positive unless it breaks below $20,700.
The analyst said on Twitter: “The rally has been a bit higher than expected but it might just drain liquidity in the higher areas which is why I think a fresh pullback is needed before it pulls back to $28k or more. The chances are good.” He adds:
“I simplified the pricing chart a bit. A dip below $20,700 would invalidate my forecast otherwise I would view any retracement as positive.”
Annotated BTC/USD chart. Source: TrustedCrypto/Twitter
“As long as we can stay above the range, I’m targeting the top 20 around $27K-$28K,” Crypto Tony said. Previously, he had already highlighted the $24,500 level as a key support.
Ethereum $2,000. back to
Meanwhile, Ethereum (ETH) is clearly still in control of the altcoins as the second-largest cryptocurrency surged above $2,000 for the first time since May on Saturday night.
Ethereum has also reached its best price since May 23 with an interim high of $2,020 and could now close here.
ETH/USD 1-Day Candlestick Chart (Binance). Source: TradingView
Analyst Material Scientist also fears that ETH could soon go under again, but the altcoin market leader could now find itself incredibly strong again with a 20% market share, while Bitcoin has fallen below 40%. has gone.
Bitcoin dominance 1 week candlestick chart. Source: TradingView
As Cointelegraph reported, one particular indicator is already suggesting that the so-called “Alt Season” has already begun, as the metric is currently at its highest since June 2021.