As the BTC price dipped by 6.9% over the past 24 hours and traded at sub-$37K levels, many top BTC analysts have shared their opinions regarding possible price movements.
A Sharp BTC Price Crash Isn’t Imminent Yet – Impulsebull
One of these analysts with the username Impulsebull on Twitter opined that BTC might revisit the price at the 200-day MA on the weekly chart once it breaks below the 100-day MA on the same chart. If this happens, it presents an opportunity for buyers to make strong entry points.
As of this writing, the BTC price of $37.54K corresponds to the price at the 100-day MA on the weekly chart. However, the price corresponding to the 200-day MA ($21.99K) may seem far since several other supports are in between that level. He further predicts that a sharp BTC price fall isn’t imminent unless BTC price falls below the 100-day MA of the weekly. Chart.
Impulse Bull Tweet. Source: Twitter. Https://twitter.com/impulsebull/status/1496087181055692806?ref_src=twsrc%5etfw%7ctwcamp%5etweetembed%7ctwterm%5e1496087181055692806%7ctwgr%5e%7ctwcon%5es1_&ref_url=https%3a%2f%2fthecryptobasic.com%2f2022%2f02%2f22%2fexperts-views-on-current-bitcoin-price-action-and-possible-support-zones%2f
Top Cointelegraph crypto analyst, Micheal van de Poppe, opined that BTC will remain at the $37K support regardless of the strong downtrend in today’s early trading session.
A Contrary Opinion
On the contrary, another analyst named Ali Martinez claimed that BTC has already hit its first support level at the $37K mark as indicated on the 200-day MA of the 3-day chart. But Ali wasn’t sure that BTC could maintain that price level for long. He predicted that BTC might trade at the sub-$34K level should the market forces not favor the leading cryptocurrency. Hence, BTC would find support at the $33.5K level.
Another analyst, credible crypto, agreed with Ali that BTC might trade at the sub-$34K level but wasn’t sure that it would breach the $28K level. Credible crypto tweeted that the $28K level is the steepest support for BTC price. But the expert analyst predicted that the sub-$34K level would provide strong support for BTC and take strong efforts from the bears to breach this support level.
2022 BTC Price Movement
The crypto market has been awash with several forecasts from many analysts. However, many still agree that BTC remains a favorable hedge against inflation and would return to bullishness soon. Even though some BTC advocates have been overly excited with their BTC price predictions, the analysts’ predictions would likely still hold because they are the ones considering technical and fundamental analysis before making their predictions.
Most of the advocates are making their predictions from a sentimental viewpoint. An example of an over-the-top prediction was El Salvador president, Nayib Bukele, who recently predicted that BTC price might reach $100K before the year-end.
While the year is still early and anything can still happen before it is over, Bukele’s predictions are far from hitting close. Instead, the price of the leading cryptocurrency dipped by nearly 46% from its peak price of $69K set in November. The rising tension in Ukraine following Russia’s invasion threat has also not helped the supposed growth of the BTC and crypto market.
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