Michael van de Poppe said the value of Bitcoin broke resistance at USD 19,700 and ran toward USD 20,300. Captain Faibik predicted that there might be a relief rally of between 30% and 40% if the bulls recover the USD 21,600 level.
The Bitcoin (BTC) price recently rebounded and recovered support at USD 20,400 after reaching a daily low of USD 19,309. Meanwhile, the bulls are fighting against the bears to regain control over the crypto market.
Amid growing recession concerns in the United States, there was positive price action in the crypto market and the technology-heavy Nasdaq Composite.
According to TradingView, the bears led Bitcoin (BTC) to drop to USD 19,309 before receiving reinforcements to drive it back above support at USD 20,400.
Various analysts have predicted what may come for the leading cryptocurrency in the market and what support and resistance levels to watch.
Bitcoin Breaks out the Resistance Zone to Continue toward USD 23,000
Michael van de Poppe, an independent analyst, has a bullish position on the recent price action of Bitcoin. He posted on Twitter a follow-up chart suggesting it is necessary to break the USD 19,700 resistance zone to rise further.
The analyst said that the value of Bitcoin overcame that resistance and ran toward USD 20,300. He thinks the cryptocurrency may consolidate a little at that level but breaking that resistance zone will allow rising towards USD 23,000.
The Price of Bitcoin May Have a Pullback to USD 15,800
The crypto analyst known on Twitter as il Capo of Crypto provided a less optimistic view on the recent price action. He posted a chart highlighting several false rallies that became lower highs.
The Bitcoin user said those were the lowest highs he had ever seen. He explained that the rallies had a low volume and looked corrective, suggesting a target of between USD 15,800 and 16,200.
The 1-Day Bitcoin Chart Shows Double Bottom in the Price
Another cryptocurrency trader and Twitter user, known as Captain Faibik, offered the last beacon of hope for investors. He posted a chart showing double bottom and highlighted the need for a daily close above USD 20,000.
Captain Faibik said that double bottom and bullish divergence are currently at stake. If the bulls recover the resistance at USD 21,600, there may be a relief rally between 30% and 40%.
Pseudonymous Twitter user Bitcoin Archive said that the Bitcoin market might be near its bottom for this bearish cycle. He posted a chart of the Bitcoin MRVR-Z Score, a reliable indicator of previous market bottoms.
Bitcoin Archive explained that Bitcoin is in the green zone, which has indicated market bottoms four times.
The capitalization of the overall crypto market is currently at USD 900 billion, while the dominance rate of Bitcoin is 40.674%.
BTC is trading at around USD 20,162 and has accumulated a 2.0% gain over the last seven days. While its daily trading volume is above USD 24.16 billion, its market capitalization is about USD 384.83 billion, according to CoinGecko.
By Alexander Salazar
