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Traders expect Bitcoin price to venture into the $27,000 to $32,000 range now that Bitcoin looks to secure a daily close above its current range.
Similar to Stockholm syndrome where captives develop a psychological bond with their captors, crypto winters have the way of flipping even the foremost bullish cryptocurrency supporters bearish during a short period of your time.
Evidence of this reality was on full display on July 19 after the recovery of Bitcoin (BTC) back above $23,000 was met with widespread warnings that the move was merely a fakeout before the market heads for brand spanking new lows
Not bad. But keep in mind that this still can turn into a classical fake out.
My general thesis still remains, bear market rally 🚀 pic.twitter.com/VxnH4mo6hW
— Jimie (@Your_NLP_Coach) July 19, 2022
While the chance of recent lows being set within the future can’t be ruled out, here’s a glance at analysts’ opinions on how this BTC breakout might be different than most investors expect.
This time “it’s different”
The pointed message of “this time is different” was offered by pseudonymous Twitter user Trader XM, who posted the subsequent chart outlining why BTC is poised to go higher.
As highlighted on the chart above, BTC price didn’t retest of the range low whilst four retests of the range high occurred, and this means that buyers are now stronger than sellers.
In response to the post from Trader XM, Twitter user Justiinape replied “$27K-$28K seems imminent.”
Trader XM said,
“Agree my man, move to $27-28K then months of consolidation. Let’s enjoy this move before the long hibernation.”
The next major resistance is at $27,100
Further evidence that BTC could head higher was supplied by the On-Chain Data firm Whalemap, which posted the subsequent chart highlighting the shortage of shopping for demand between $23,000 and $27,000.
Whalemap said,
“$27,100 should be the primary resistance on our far. Big gap in supply between current prices and $27K.”
Shorts get REKT
Proof that crypto traders had been lulled into a very bearish outlook was provided by cryptocurrency analyst Dylan LeClair, who posted the subsequent chart showing the effect that Bitcoin’s move above $23,000 had on the futures traders.
