Bitcoin price stands at $63,900 as this article is prepared, with volatility remaining strong. On the other hand, a popular analyst drawing a positive scenario from the technical side indicates potential rises. What could the scenario he predicts for Bitcoin mean for cryptocurrencies in general?
Bitcoin (BTC) Expert Forecast
Bitcoin price forming a bull flag on the daily chart has caught the attention of popular crypto analyst Mikybull. He writes about this formation, which could be an early signal for a rapid rise period expected after the halving;
“Bitcoin is forming a bull continuation pattern on the daily chart. According to Wyckoff’s law of cause and effect, ‘the longer the consolidation, the stronger the rise will be’.”
Denis Baca, an analyst at Zivoe, also believes the current chart shows strong signals for a rise;
“We see a bull flag on Bitcoin’s daily chart, historically indicating more potential for a rise. It is shaping up nicely after a solid rally, and decreasing volume hints at a pause before potentially journeying to $100,000.”
If Bitcoin price reaches six-figure levels, it will mean massive gains for altcoins.
Crypto Expert Reviews
The third professional crypto analyst is Andrey Stoychev, who is among the managers at Nexo. According to him, due to a lack of significant catalysts, it is unlikely we will see impressive movements in Bitcoin price, and thus in cryptocurrencies in general.
“After testing $64,000 multiple times throughout the day, the price fluctuates only to confirm it as a resilient support. Nevertheless, Bitcoin only sees strong sales at $67,000. To overcome this barrier, we need a stronger catalyst.”
The May 1st Fed meeting could trigger a significant break. This year, inflation and PCE data, weakening the US economy, put the Fed in a tough spot. If the Fed continues to keep interest rates at their peak, it will further worsen economic growth. However, if it cuts rates, it would have to postpone the 2% inflation target for years to come.
