The Bitcoin market is a new market every day just because of its volatility. No matter how accurately you predict the future, the result is always surprising. This time around, however, the case seems a little different as Bitcoin may just have confirmed this theory by top analysts. The price of BTC rose on the 4 hour chart and has done some wonders on other time frames as well.
Bitcoin is said to be worth $ 280,000!
These were the words of Scott Melker aka “The Wolf of All Streets”. In his current analysis video, he took up the monthly chart and brought up some interesting points. First, BTC broke the EQ line or the midline on the monthly chart. The king coin held its candles under the line for over 17 months from June 2019 to November 2020. The coin broke the line in December 2020 and is currently retesting the line for support. As for his prediction of where the coin could go from here, Melker said
“Even if it went to the top of the channel (the top trend line) next month, that would be $ 158,000, a month later $ 168,176, you see, it’ll take a few months … a thousand goals”
On the daily chart, BTC broke the center line of the descending channel. The coin has actively pushed its way up and has managed to flip it over in support. The forward resistance will also be the 50 MA or the top of the channel.
Last but not least is the 4 hour chart showing a possible Wyckoff accumulation rally. It looks like spring has established itself and should hold USD 36,000 as support. Such a move could even propel Bitcoin to $ 42,000 as it looks like a break from the lows at the moment.
The well-known analyst Rekt Capital also supported this forecast. He recently tweeted about the Bitcoin move that WEMA is keeping an eye on and how it could also create a potential bull market.
Let us now briefly turn to the 50 weekly exponential moving average (50 WEMA, blue).
This EMA has proven to be a major source of support in #BTC Bull markets too
See my previous thread on why it’s worth keeping an eye on the 50 WEMA: https://t.co/bPriAunVxR pic.twitter.com/Rgb3fRO5zV
– Rekt Capital (@rektcapital) June 12, 2021
Could Bitcoin be in trouble?
With all of these possible rallies, Bill Foster, the Congressman’s latest statement creates a sense of concern. He recently stated that the prevalent ransomware attacks pose a threat to Bitcoin’s legal status. In a virtual event, Foster added:
“I’m not ready yet, but the prevailing opinion in Congress is that if you participate in an anonymous crypto transaction, you are de facto participating in a criminal conspiracy.”
How far Bitcoin goes with possible regulatory hurdles is worth seeing.
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