After a strong rally last week, the Bitcoin (BTC) price has been largely flirting around $52,000 leaving investors confused as to what could be the next move. Satoshi Street also remains divided as some suggest that Bitcoin could be hitting a new all-time high by March-end while others suggest that it could face a pullback to $48,000 before the next leg up.

Watch Out For This Bitcoin (BTC) Price Range

Renowned crypto analyst Ali Martinez provides insights into Bitcoin’s short-term price action, highlighting key support and resistance levels on the 10-minute chart. With the TD Sequential indicator indicating critical levels, Martinez suggests that Bitcoin’s next move hinges on its ability to sustainably breach these boundaries.

Martinez identifies crucial levels for Bitcoin’s immediate price movement, noting the support trendline at $51,700 and the resistance trendline at $52,515 on the 10-minute chart. The TD Sequential indicator underscores the significance of these levels, emphasizing that a sustained close outside of this zone will likely determine the direction of Bitcoin’s next move.

Courtesy: Ali Martinez

Ali Martinez emphasizes the importance of discerning between short-term trading in futures accounts and long-term holding in personal wallets. While some traders may be eyeing a correction before or after the halving to purchase Bitcoin, focusing on the bigger picture can help mitigate the stress induced by market fluctuations.

Simply acquiring Bitcoin, securely storing it in your wallet, and aiming to sell near the peak within a 6 to 18-month timeframe could serve as a straightforward strategy for those with a broader perspective, says Martinez.

BTC Options Data

Bitcoin has surpassed $10 billion in open interest for the first time since July 2022. This suggests that crowd euphoria is thriving. However, rapid ascents in value can sometimes raise cautionary concerns.

Deribit, the leading crypto options exchange, reveals that Bitcoin call spreads are currently among the most favored strategies. This indicates that investors anticipate further gains in Bitcoin price, albeit not necessarily significant spikes. Speaking to Bloomberg, Caroline Mauron, co-founder of digital-asset derivatives liquidity provider Orbit Markets said:

The options market as whole “is currently pricing the probability of making a new all-time high before halving at around 20% to 25%, an estimate that looks approximately fair to us”.

According to Elliott Wave analysis, markets tend to exhibit repetitive wave patterns. Utilizing this method for Bitcoin price indicates a potential pullback to around the $40,000 mark followed by a subsequent advance towards approximately $70,000. This contrasts with Bitcoin’s previous peak of $68,992 in November 2021, a time characterized by widespread stimulus measures.

Courtesy: Bloomberg

The post Watch Out This Bitcoin (BTC) Price Range To Decide the Next Move appeared first on CoinGape.

---

Filed under: News - @ February 20, 2024 5:26 am