The Bitcoin market is a new market every day, solely because of its volatility. No matter how accurately one predicts the future, the outcome is always surprising. However, this time the case seems to be a little different as Bitcoin might have just confirmed top analysts’ this theory. On the 4-hour chart, BTC’s price increased and on other time frames, it did some wonders as well.
Bitcoin to be worth $280,000!
These were the words of Scott Melker aka “The Wolf of All Streets”. In his recent analysis video, he took up the monthly chart and brought forward some interesting points. Firstly, on the monthly chart, BTC breached the EQ line or the mid-line. The king coin had kept its candles under the line for over 17 months from June 2019 till November 2020. The coin broke past the line in December 2020 and at present, it is retesting the line for support. On his prediction of where the coin could go from here, Melker said
“Even if it went next month to the top of the channel (the upper trend line), that’d be $158,000, a month later 168, 176 you see it takes a few months…That gets us to those 230, 250, 280 thousand targets”
Bitcoin monthly chart | Source: Scott Melker
On the daily chart, BTC was breaking the mid-line of the descending channel. The coin has been actively pushing up and it managed to flip it into support. Moving forward resistance will be the 50 MA or the top of the channel as well.
Bitcoin daily chart | Source: Scott Melker
Last but not least is the 4-hour chart which displayed a possible Wyckoff accumulation rally. It looks like the spring has been established and $36k should hold as support. Such a movement could even push Bitcoin up to $42k as this looks like a sweep of the lows at the moment.
Bitcoin 4-hour chart | Source: Scott Melker
Popular analyst Rekt Capital too supported this prediction. Recently he tweeted about Bitcoin’s movement keeping 50 WEMA in mind and how it could create a potential bull market as well.
9.
Now let's briefly turn our attention to the 50 Weekly Exponential Moving Average (50 WEMA, blue)
This EMA has figured as a vital source of support in #BTC Bull Markets as well
See my previous thread about why the 50 WEMA is worth keeping in mind:https://t.co/bPriAunVxR pic.twitter.com/Rgb3fRO5zV
— Rekt Capital (@rektcapital) June 12, 2021
Could Bitcoin be in trouble?
With all these possible rallies, Bill Foster, Congressman’s latest statement does create some sense of worry. He recently stated that the frequently occurring ransomware attacks are a threat to Bitcoin’s legal status. In a virtual event, Foster added,
“I’m not there yet, but there’s significant sentiment in congress that if you’re participating in an anonymous crypto transaction that you are a de facto participant in a criminal conspiracy,”
How far Bitcoin goes with possible regulatory hurdles is something worth watching.
