Bitcoin bulls are enjoying 10% month-to-date gains, but crypto market analysts warn that the outlook for BTC price action may soon change.
Another popular trader, Daan Crypto Trades, noted that $72,000 now represents the largest resistance zone. Closer to the current spot price, liquidity concentrations are $66,500 and $67,800, respectively. Daan Crypto Trades also emphasized the significance of Bitcoin’s 100-day moving average as a long-term support level.
In the longer term, however, most crypto market watchers, like Daan Crypto Trades, have a hopeful outlook for Bitcoin, with little to no chance of a ‘deep correction.'
'The key for Bitcoin’s next move' lies in M2 money supply, which is now "attempting to punch through multi-year resistance," according to Jamie Coutts, chief crypto analyst at Realvision.
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Bitcoin could consolidate for ‘4 or 5 months,’ but a big cup-and-handle pattern emerges and looks really promising, believes Charles Edwards of Capriole Investments:
"In short: the technical picture remains bullish, provided price holds above $58K. The longer we spend in the range highs, the more likely this structure will merge into a classic ‘cup and handle’ pattern which would typically see strong price appreciation following." (Charles Edwards, Capriole Investments)
(Source: Cointelegraph)
Meanwhile, other popular analysts mention 'golden crosses,' potential and accomplished, across various timeframes and indicators, noting historical patterns that support an already bullish mid- and long-term outlook.
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