Bitcoin, a representative cryptocurrencyit seems to be at a crossroads as it has remained flat and people are unsure whether to relocate or not. downward or upward. Commenting on this current price trend, crypto analyst Eric Crown Crypto reveals the key factors that will determine Bitcoin’s next move.
Bitcoin in the “outside country”
in video Eric Crown posted on his YouTube channel, probabilistic indicator This is to analyze the current price of Bitcoin and predict what direction the crypto token is likely to go. Mr. Crown noted that based on his analysis, current stochastic levels indicate a potential correction. Bitcoin is too slow.
Analysts claimed that Bitcoin is likely to fall due to correction Falling to the $30,000 level, he marked the $28,000 price level as a “worst-case scenario.” Meanwhile, he noted that the five-day HPDR band still shows the median price to be around $44,500. As such, he expects BTC to potentially rise to that price level or $45,000 in the short term.
Mr. Crown believes in Bitcoin Stay under $46,000 This means a correction is likely to occur at some point, suggesting that Bitcoin could end up ending February in the red. However, the analyst argued that above $46,000 would prove an upward move, with the crypto token likely to cross $50,000 and rise as high as $53,000.
Will BTC follow history or live up to expectations?
Crown also mentioned historical data This is to prove that Bitcoin’s monthly deficit is imminent. He said Bitcoin typically has about three consecutive green months on average, followed by a red month. The longest time Bitcoin has been green is said to be 7 months.
Therefore, he suggested that it is not strange for February to be a red month, given that the flagship crypto token ends in green every month. since september. These gains were primarily due to excitement over the possibility of approval. Spot Bitcoin ETF.
Bitcoin continues to be betray expectations, and February could still be a bullish month for BTC. Interestingly, data According to Coinglass research, February (along with October) was the most bullish month for the flagship crypto token, with Bitcoin only ending February in the red twice.
At the time of writing, Bitcoin has risen over the past 24 hours and is above $43,000. data From CoinMarketCap.
BTC price trending at $43,100 | Source: BTCUSD on Tradingview.com
Featured images from Milk Road, charts from Tradingview.com
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