Bitcoin (BTC) is on the best way to $55,000 this week — however warnings of a brand new bear market are already surfacing.
In his newest evaluation on X (previously Twitter) on Feb. 14, well-liked dealer Titan of Crypto confirmed a $55,400 BTC value goal subsequent.
BTC value: Ichimoku evaluation factors greater
Bitcoin bulls proceed to struggle for the highway towards all-time highs, with resistance round $52,000 at present forming the battleground.
Titan of Crypto, capturing total market sentiment, recommended that “extraordinarily bullish momentum” might take BTC/USD one other 6% greater within the coming week.
Importing a weekly chart together with Ichimoku Cloud knowledge, he outlined yet another upside goal left to hit, with two already achieved.
“Each goal 1 & 2 have been hit however $50,900 is a powerful degree. If Bitcoin handle to shut a weekly candle above, goal 3 at $55.4k is subsequent,” a part of the accompanying commentary acknowledged.
“Be aware that given the extraordinarily bullish momentum goal 3 has excessive probability to get hit even earlier than the tip of the week.”
As Cointelegraph reported, Ichimoku at present exhibits a uncommon bullish setup on weekly timeframes, with BTC value now clearing main resistance options.
Dealer cautions over “unhinged greed” coming to Bitcoin
Wanting forward, nevertheless, considerations over a doubtlessly “overheated” market are resulting in BTC value draw back predictions.
Associated: Bitcoin bulls flirt with $69K BTC value goal as crypto market nears $2T
In a prolonged X put up, dealer and analyst Credible Crypto warned that even when current all-time highs are exceeded and BTC/USD passes $100,000, the percentages of a snap correction are growing.
This, he says, represents pure market dynamics — regardless of heavy inflows into the spot Bitcoin exchange-traded funds (ETFs), nothing can stay in “up solely” mode indefinitely.
“On the finish of the day, for each main parabolic rise there’s a main crash, and vice versa,” he wrote.
“You do not get unhinged greed and euphoria (and the vertical value appreciation that comes with it) with out an equal and reverse response when that euphoria peaks.”
Credible Crypto referenced one other put up by dealer and YouTuber TXMC Trades, who earlier advised readers to not belief in ETF inflows propelling Bitcoin greater advert infinitum.
Whereas I do suppose that we’re on an aggressive path to new all time highs in the intervening time, the tweet under is vital to cement into your mind- as there can be some extent within the comparatively close to future when a serious crash/correction can be deemed “unimaginable” as a result of we “are in a brand new… https://t.co/mYghO2GE4s
— CrediBULL Crypto (@CredibleCrypto) February 14, 2024
Others additionally keep an air of warning over BTC value power. For Michaël van de Poppe, founder and CEO of MN Buying and selling, the market is already “barely overheated.”
“I would not be sad if we obtained a slight correction to return to actuality,” he concluded on the day.
The influx within the ETF is nice for #Bitcoin.
Nonetheless, it is not the only real argument for the markets to maneuver.
If I have a look at this clear chart, it means that we’re:
– Tremendous bullish.
– Barely overheated.I would not be sad if we obtained a slight correction to return to actuality. pic.twitter.com/ZNnoNQGeeK
— Michaël van de Poppe (@CryptoMichNL) February 15, 2024
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.
