The technical analysis of the trader Arnau Pintó shows that in 4 months Bitcoin could trade above USD 38,000
During the last year Bitcoin suffered a sharp drop. The largest cryptocurrency in the market closed 2021 trading at USD 57,526 according to data from Coinmarketcap, while today the cryptocurrency is trading at about USD 19,000, which represents a third of last year’s price. However, and despite this sharp drop, some specialists believe that Bitcoin could make a strong jump in its price: according to trader Arnau Pintó, from the company Nostra Vision Investment, Bitcoin could reach a price of USD 38,900 in the coming months.
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For Arnau, in “4 months will see Bitcoin above $38,000” according to the results of its technical market research.
‼Bitcoin at $38,900‼️
-Extensive and detailed analysis of why I believe that in the next 4 months we will see $BTC in more than $38,000 📈#bitcoin
-What would happen next? Where are we now?
If you think this thread gives you value, I’ll appreciate your RT 🙏🤝
Let’s start ✍️
⬇️⬇️ pic.twitter.com/Wt4YjzvINB– Arnau4Bet (@arnau4bet) October 6, 2022
The analyst assures that a rebound in the market, although he admits that it is not known if it will be ”bottom, or just a bearish bounce”. To this he adds that “For a few weeks now, a trend reversal structure is being seen. An extended Adam and Eve pattern”.
The specialist then states that by plotting a Simple Fibonacci from the entire macro trend, “we can see how our Fibonacci OTE is between the Golden Pocket and the 0.5 level”. The trader explains that in strong rebounds of downtrends, the price usually extends “a lot in those areas”. Arnau says that he saw one “kind of confluence”. To this He added that if the two zones -of Adam and Eve- are put together, a wide area of interest can be seen.. In the event that the rebound occurs, this zone would be from “USD 35,000 to USD 42,000 approximately”.
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When analyzing the volume profile, which marks the areas of interest in the price, the trader explains that “the price, when it moves, tends to look for the areas with the highest trading volume”. This would indicate that if the rebound occurs, the probability that the price will collide with that Fibonacci level is very high. “In this image of the weekly chart we can see it more clearly. Certainly, the confluence and synergy is very highArnau explained.
“As we can see there is air between the current area and $28,000, later we have more air again until our level of $39,900”, affirmed the trader regarding his projection.
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What’s more, the specialist compared the situation with what happened during 2020 and 2021. According to his estimates, there are similarities in both “spikes” of quote. “If we look at the Fractal from December 1, 2020 to January 19, 2021, it is supported right in the current zone and studied what I am commenting, now we could see a similar explosion, this in case of having a rally here. It would literally be a blast”, he explained.
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