The flagship cryptocurrency, Bitcoin, appears to be at a crossroads because it continues to commerce flat, indecisive about whether or not to maneuver downward or upward. Commenting on this present worth motion, crypto analyst Eric Krown Crypto reveals key components that can determine Bitcoin’s subsequent transfer.
Bitcoin In “Outlier Land”
In a video posted on his YouTube channel, Eric Krown used the Stochastic indicator to research Bitcoin’s present worth and predict what path the crypto token was seemingly headed. Based on his evaluation, Krown famous that the present Stochastic stage was pointing to a possible correction that was well overdue for Bitcoin.
The analyst claimed {that a} correction would seemingly see Bitcoin drop to the $30,000 range, with him marking the $28,000 worth stage because the “worst-case scenario.” Meanwhile, he famous that the 5-day HPDR bands had been nonetheless exhibiting that the median was round $44,500. As such, he expects that BTC might nonetheless see a transfer to that worth stage or $45,000 within the quick time period.
Krown believes that Bitcoin staying below $46,000 signifies that the correction is more likely to come in some unspecified time in the future, hinting that Bitcoin might find yourself closing February within the crimson. However, a transfer above $46,000 will validate a transfer to the upside, with the crypto token more likely to rise above $50,000 and climb to as excessive as $53,000, the analyst claimed.
BTC To Follow History Or Defy Expectations?
Krown additionally alluded to historical data to show that Bitcoin’s month-to-month shut within the crimson was imminent. He acknowledged that Bitcoin often averaged about three consecutive three months within the inexperienced earlier than having a crimson month. The longest variety of months wherein Bitcoin has gone within the inexperienced is alleged to be seven.
Therefore, he was suggesting that it wasn’t misplaced for February to be a crimson month for the flagship crypto token, contemplating that it has ended each month within the inexperienced since September. Those good points got here largely because of the pleasure over the potential approval of the Spot Bitcoin ETFs.
Bitcoin has just lately continued to defy expectations, and there may be the chance that February might nonetheless find yourself being a bullish month for BTC. Interestingly, data from Coinglass reveals that February (alongside October) is essentially the most bullish month for the flagship crypto token, with Bitcoin closing February within the crimson on simply two events.
At the time of writing, Bitcoin is again above $43,000, up within the final 24 hours, in accordance with data from CoinMarketCap.
BTC worth trending at $43,100 | Source: BTCUSD on Tradingview.com
Featured picture from Milk Road, chart from Tradingview.com
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