Bitcoin reached an intraday high above $20,400 on Tuesday, surpassing the 4-hour candlestick above $20,000 and the October open of the month ($19,411) by two.
Bitcoin is up 3-4% in the last 24 hours this month, but the price has been flat for over 100 days since its mid-June annual low of $17,500. Will Bitcoin recover higher or is this move a fake/bulltrap?
Bitcoin price prediction
Bitcoin’s rise today has led many analysts to speculate on Bitcoin’s near-term price predictions.
our resident crypto news Analyst Jacob Berry Sees Bitcoin Price Could Rally to $27,000 as Overall Macro Trends Remain Bearish to Recapture 2021 Low ($28,700) I expect it to be rejected on the first attempt.
“Bitcoin may be headed for $27,000, but it is still in a bear market and we expect it to be rejected. #cryptonews #btc #crypto”
Its approximate Bitcoin price target is shared by many traders, including DonAlt reported earlier this monthDonAlt expects Bitcoin to reach $29,000 even in a bear market rally.
yesterday in his latest work Weekly Market Review StreamBitcoin price was $19,300, but TraderXO was equally cautious and did not open any Bitcoin positions.
“Yes, I think Bitcoin could go from $21,000 to $22,000, maybe $23,000 with a very aggressive squeeze. Yes, buyers are entering the market between $18.2k and $18.3k Volatility is low, below $20.5k in 40 days If you are trading on 5 and 15 minute charts Good luck, except.
He also Beware of short circuits BTC by strength of SPX and weakness of DXY.
TraderXO says DXY may not top out until January-February and previous macro tops had a distribution range that lasted for a year, but is looking to pull the dollar back to around 110. But now it’s a hit.
TraderXO expects 2023 to be a good accumulation range to buy Bitcoin, but isn’t ready for a bullish reversal until the 12 and 21 weekly EMAs converge (his latest 40:50 timestamp of the video).
Bitcoin price is also heading towards the present TraderSZ short-term goals From the beginning of this month.
Today he tweeted:
“Annnd is back with over 20k. Happy to get out of that small range but unfortunately we are still in a much larger range. Now we have to clear 20.5k but this is also It’s a challenge.
immortal (@immortalcrypto)Has 178,000 followers.
I expect the next 6-8 months to be full of traps. There is no clear trend between the $500s and the $7,000s. That’s where most market participants burn out and die.
@Mojo_Crypto_BTCHas 15,000 followers.
How many times in this bear market have you heard “this time it’s different”? A dangerous word in my experience and literally a joke to his OG in this field. “But Mojo! This time it’s different!” Really? #bitcoin
Shortly before CPI printing on October 13th, Elon Musk Tweets – “$20,000”. After 12 days from the CPI date, his Bitcoin price prediction was accurate.
Alternative to Bitcoin
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