Crypto markets have been lacking sustained upward movements despite positive news since June. So, what’s next? Experts are divided on this matter, but critical levels for the next major move are almost the same. In other words, the BTC price will break free from a narrow range at some point and aim for its target.
After setting a local peak above $28,000, the BTC price pulled back. However, the fact that it is still holding its long-term trend line is fueling investor optimism. The critical level is the 200-day exponential moving average zone, which is around $27,180. The closing below this level by some hourly candles until August 31 did not trigger a more significant breakdown, and the Bitcoin price successfully held the 200-day EMA until the monthly closing in August.
Popular crypto analyst Moustache shared the following on his X account:
“Many people are waiting for a better entry point, but I don’t think their dreams will come true.”
This perspective looks interesting while many analysts are expecting a return to $25,000. Despite several experts arguing that the recent rally was a temporary move due to the Grayscale decision, the SEC is significantly cornered.
Another analyst known by the pseudonym Jelle also made optimistic statements. In fact, analysts’ consensus does not always yield definite results. For example, until the court decision, most experts were predicting a drop towards $22,000. However, they were proven wrong as the judges misled them.
“This is exactly what I want, it fits my bullish scenario. Rapid rise, followed by a shallow pullback and holding the key area. The price is preparing to go higher.”
Trader Rekt Capital, who is cautious in the current climate, said that there needs to be a revival in the bullish sentiment. According to the analyst, the price decline may not be over yet. Despite the court decision, some experts expect the market to continue its downturn.
Material Indicators stated that $27,760 and $24,750 levels will be the breakout zones for the next major move.