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$48,000 is pointed out for the continuation of the rise in Bitcoin
While the long-awaited spot ETF issue in Bitcoin was resolved with the approval of the SEC on Wednesday last week, the price fell after a short breakout to the upside. Bitcoin, which reached 49 thousand dollars, then went down to 41 thousand 700.
Although ETFs are seen as igniting factors that will bring money to Bitcoin, which has a limited supply in the long run, experts say that a decline may come before a new record is set.
"40K could be the end of the decline"
Ari Wald, principal analyst at financial services firm Oppenheimer, said, "I think the recent declines are a case of 'Sell the news.' The reaction from the resistance gives us a bearish signal. The $40,000 level, which has not been seen since the beginning of December, could be the end point of the decline."
"The RSI also shows this"
The Oppenheimer principal analyst also provided technical information and supported his thesis:
"In this internal cycle of Bitcoin, the RSI has seen the peak of the lows but has not been able to rise above 70. I think this is a sign that the price needs to breathe a little more."
As it is known, RSI is a metric that shows the rate of change of price movements, and in this metric, exceeding the 70 level indicates that the asset is overbought, and falling below 30 means that it is oversold.
"We need to see 48k surpassed"
Julius de Kempenaer, chief technical analyst at StockCharts.com, stated that the uptrend in Bitcoin is still ongoing and said, "Once the $48,000 level is surpassed, the way will be opened for the continuation of the rally. Then the level of 69 thousand dollars will now appear to us as a much more accessible place."
"We're not in an oversold place yet"
Wolfe Research's Rob Ginsberg also stated that we are not in the oversold zone and that he thinks Bitcoin will return to the $48-50,000 area in the short term:
"It is in that area that the real event will begin. Slight pullbacks and respite will be followed by an upside breakout."
Published: January 15, 2024 09:13