Breakup – The back and forth on either side of the $30,000 continues. Analysts’ and traders’ forecasts seem to agree on a bullish recovery. The agenda of the bulls still remains unclear.
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Bitcoin and $33,000: converging signals
The price of bitcoin climbs above $30,500 today, May 19, 2022. Bitcoin is trading at $30,240 at the time of writing. It is currently recording a daily gain of 3.54%.
While bitcoin is still trying to sustainably regain $30,000, trader Rekt Capital pays close attention to ROI.
The latter “is now entering a period that has historically preceded elevated investment returns for long-term investors.” These previous reversals took place in “January 2015, December 2018 and March 2020”.
They correspond to all bear market lows “. Has Bitcoin already hit the floor price of the decline that began a few days ago? Some analyzes do not rule out the possibility of a fall in the price of bitcoin to $20,000 below sea level.
Other traders and analysts are also predicting bitcoin returning to the bullish path. As bitcoin traded around $30,250, analyst CRYPTOBIRB pointed out that its price was “above its intraday resistance.” He evokes the “principle of the change of polarity” according to which this resistance “can be transformed into support”.
A “strong close” above “$31,500” could according to CRYPTOBIRB, “set a target of breakout for bitcoin price at 33.5kor higher.
Crypto trader Ed is also forecasting bitcoin to rise with quite similar target levels. He always waits this move towards (at least) $33k “. Crypto Ed predicts a “first short, followed by a long”. He further indicated that the dollar (DXY) “ continuing to correct », a drop which should favor this « movement towards 33k for btc ».
Failing to have certainties as to the outcome of the current swings on either side of $30,000, traders are trying to identify the tipping points. If technically, the indicators call for a bullish reversal, the possible downward pressures linked to the macro context, with the increase in interest rates by the FED, should not be underestimated.
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