- Experts’ Views on Bitcoin’s Price Move
Many major BTC analysts have expressed their thoughts on possible price moves as the BTC price dropped by 6.9% over the last 24 hours and traded below the $37K mark.
No Imminent BTC Price Crash – Impulsebull
On Twitter, an analyst going by the handle Impulsebull predicted that if BTC breaks below the 100-day moving average on the weekly chart, it will return to the 200-day MA. The chance for purchasers to gain a foothold in the market will arise if this occurs.
Technically speaking, #Bitcoin is currently in that support zone.
Only difference; we've had one big jump already and price came all the way down within 12 hours. pic.twitter.com/JnQ8nOABRs
— Michaël van de Poppe (@CryptoMichNL) February 22, 2022
On the weekly chart, the BTC price stands at $37.54K, which corresponds to the 100-day MA. As a result, it may appear that the price at which the 200-day MA is located ($21.99K) is quite a long way away. In addition, he believes that unless BTC price goes below the 100-day MA of the weekly, a dramatic BTC price collapse is unlikely. Chart.
Micheal van de Poppe, a top Cointelegraph crypto expert, believes that BTC will hold at the $37K support level despite today’s dramatic downturn.
#Bitcoin has reached the first level of support represented by the 200MA on the 3day chart. Let's see if this support level holds or if $BTC will test the TD's setup trendline at $33.500. https://t.co/FWCEG26kdB pic.twitter.com/dnDGOjhZPN
— Ali Martinez (@ali_charts) February 22, 2022
- A Different Point of View
According to Ali Martinez of CoinDesk, the 200-day MA of the 3-day chart shows that BTC has already struck its first support level at $37K. As for BTC’s current price, Ali wasn’t confident it would last. If the market would not favor the top cryptocurrency, he predicted that BTC would trade below the $34K barrier. As a result, the $33.5K level would act as a support for BTC.
According to Ali, BTC may trade below the $34K mark, but he doubted it would rise beyond the $28K mark. According to a tweet from credible crypto, the price of BTC is supported at $28,000. According to a well-informed analyst, however, the sub-$34K level would act as strong support for BTC and require significant effort on the part of the bears to be breached.
Invalidation pretty much hit at this point- time to reassess. There are a couple of different ways I can see this playing out but want to see some more PA develop for now. Big picture- weekly support at 32-34k, still don't think 28k will be breached, will know more in a few days. https://t.co/0ZcJq8Lh6N pic.twitter.com/TQmp6nnJqa
— Credible Crypto (@CredibleCrypto) February 22, 2022
- The Price of Bitcoin in 2022
The cryptocurrency market has been flooded with predictions from a variety of analysts. But many believe that BTC is a good inflation hedge and will return to its bullish trend soon. The analysts’ projections are likely to hold even though some Bitcoin supporters have been unduly enthusiastic with their Bitcoin price predictions because they are the ones that first consider technical and fundamental analyses.
Most of the prognosticators are basing their forecasts on their emotions. Nayib Bukele, the president of El Salvador, recently projected that the Bitcoin price would hit $100K by the end of the year.
It’s still early in the year, yet Bukele’s forecasts are not even close to being accurate. As a result, Bitcoin’s value has fallen by over 46% from its November high of $69,050. Following Russia’s invasion threat, the BTC and crypto market’s expected rise has been hindered.