Bitcoin pumped to an intraday high of over $20,400 Tuesday, closing a four hour candle above $20k and two above the October monthly open ($19,411).
Bitcoin is now up 3 – 4% this month, and the last 24 hours – although the Bitcoin price has largely been trading sideways for over 100 days since the yearly lows of mid June ($17,500). Will Bitcoin recover higher, or is this move a fakeout / bull trap?
Bitcoin Price Predictions
With Bitcoin’s pump today many analysts have speculated on a short term Bitcoin price forecast:
Our resident CryptoNews analyst Jacob Bury sees the Bitcoin price potentially rallying higher to $27k where he expects it to be rejected on its first attempt to reclaim the 2021 lows ($28,700) as the overall macro trend is still bearish.
‘#Bitcoin might be headed towards $27k, but we are still in a bear market, expect rejections. #cryptonews #btc #crypto’
That approximate Bitcoin price target is shared by many traders including DonAlt as we reported on earlier this month. DonAlt is expecting Bitcoin to hit $29,000 even if only as a bear market rally.
Members of Jacob Bury’s Discord opened Bitcoin longs yesterday at the weekend when the weekly open was reclaimed and prominent crypto influencer @CryptoKaleo posted a bullish Bitcoin price prediction.
Yesterday in his latest weekly market review stream, while the Bitcoin price was $19,300, TraderXO was similarly cautious and did not open a position on Bitcoin. He commented:
‘Yes I do think there is a probability Bitcoin can go to $21k – $22k, maybe $23k for a really aggressive squeeze. You could probably punt a long here at this daily demand zone. Buyers have been stepping into the market at $18.2k – $18.3k. The volatility is low – 40 days under $20.5k. Unless you are trading the five and fifteen minute charts, good luck to you.’
He also cautioned against shorting BTC due to strength in the SPX and weakness in the DXY.
TraderXO was looking for a pullback on the Dollar to around 110, which has now been hit, although he stated the DXY may not top out until January – February, and that its previous macro top had a distribution range that lasted a year.
TraderXO expects 2023 to be a good accumulation range to buy Bitcoin in, but is not ready to flip bullish until the 12 and 21 weekly EMAs converge (40:50 timestamp of his latest video).
The Bitcoin price is also now heading towards the short term targets of TraderSZ from earlier this month.
We previously reported on Bluntz (@SmartContracter), who has 211,000 followers, expecting a max pain scenario of sideways chop for the Bitcoin price until well into 2024.
Today he tweeted:
‘Annnd we’re back above 20k, lovely to see us out of that smaller range but unfortunately we are still in a much larger range. Need to clear 20.5k now which will probs also be a challenge.’
Inmortal (@inmortalcrypto), who has 178,000 followers, is expecting both bull and bear traps well into 2023 for Bitcoin and no clear uptrend or downtrend:
I think the next 6-8 months will be full of traps. No matter if it’s a $500 range or a 7k range, there will be no clear trend. That is where most market participants burn out and die.
@Mojo_Crypto_BTC, who has 15,000 followers, is also cautious about FOMO’ing into today’s Bitcoin price move:
How many times have you heard “This time is different“ during this bear market? Dangerous words in my experience and quite literally a running joke to OGs in this space. “But Mojo! This time IS different!” Is it? Is it really? #BTC
Shortly before the CPI print on October 13th, Elon Musk tweeted one word – ‘$20,000’. Twelve days on from CPI day, his Bitcoin price forecast has been accurate.
Crypto Twitter traders are giving mixed signals over Bitcoin, some bullish in the short term, some bearish – many expecting a range bound environment in the mid to long term in the run-up to the 2024 Bitcoin halving.
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