Bitcoin (BTC) touched $24,000 at the open on Wall Street on July 20 and the good times continue to roll in the crypto markets.
BTC Price Surge “All Driven By Macro Issues”
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair passed its latest milestone after a brief consolidation.
The pair’s twenty-four hour gains stood at nearly 8% and weekly returns approached 25% as Bitcoin and altcoins benefited from the falling US dollar and rising stock markets.
Bitcoin’s rally had seen the bulls recapture key trend lines lost in June, but the jury was still out on whether the new strength could outlast the current weekly candle.
“Bitcoin rally looking good? Yes. But BTC won’t be proud of this rally,” commented analyst Venturefounder.
“The correlation between BTC and NASDAQ is still 91% (all-time high), with both looking at Fed policies, interest rate forecast and recession concerns and $DXY for guidance. driven by macro factors”.
However, the US Dollar Index (DXY) showed no signs of recovery on the day, being rejected at 107 after a local bottom.
Meanwhile, trader and popular analyst Josh Rager demanded a “confident” tip to the $30,000 zone for Bitcoin to actually turn from bearish to bullish.
Two weeks ago mentioned $BTC looked good for $28k with a breakout
Slowly but surely, I would love to see this push up another 20%+ in order to take profits https://t.co/Mzl7wF76y2
—Rager (@Rager) July 19, 2022
Two weeks ago it was mentioned that $BTC was looking good for $28,000 with a breakout
Slowly but surely I would love to see this go another 20% or more for profit.
The metric predicts up to $120,000 in 2023
Seeing it from a broader perspective, a Bitcoin price indicator led TechDev analyst to believe that the BTC/USD pair would see a new all-time high before its next block halving in 2024.
TechDev highlighted the True Strength Index (TSI) for Bitcoin, a metric that uses various base calculations to determine how overbought or oversold the asset is at a particular price.
The price decline from the last all-time high in November 2021 is still in trend, he argued, and thus the potential for historical patterns to repeat themselves.
As such, I expect:
– Intermediate wave 5 top at 80-120K in 2023
– Primary wave 4 down to 30-50K in 2024
– Primary wave 5 over 200K in 2025 to conclude cycle wave 3Detailed chart with supporting evidence is forthcoming.
I’m sure now that it’s written down it won’t happen.
4/4 pic.twitter.com/iRx5PUSGSU
— TechDev (@TechDev_52) July 20, 2022
As such, I expect:
– Intermediate wave 5 capped at 80-120K in 2023
– Primary wave 4 going down to 30-50K in 2024
– Primary wave 5 above 200K in 2025 to conclude wave 3 of the cycleDetailed chart with supporting evidence is forthcoming.
Surely now that it is written it will not happen.
The ongoing recovery of Bitcoin’s Relative Strength Index (RSI) has also called attention from the creator of the Stock-to-Flow model, PlanB.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investments and operations involve risk, so you should do your own research when making a decision.
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