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Because of its volatility, the Bitcoin market is a new market every day. No matter how well one forecasts the future, the conclusion is always unexpected. However, the scenario appears to be a little different this time, since Bitcoin may have just validated top experts’ assumption. BTC’s price climbed on the 4-hour chart, and it also performed well on other time frames.
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. From June 2019 to November 2020, the king coin’s candles remained below the line for more than 17 months. The currency broke over the boundary in December 2020 and is currently retesting it for support. Melker made a forecast about where the coin may go from here.
“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”
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.
Last but not least, the 4-hour chart showed a probable Wyckoff accumulation rise. The spring appears to have been created, and $36k should hold as support. As this appears to be a sweep of the lows at the present, such a movement might potentially bring Bitcoin up to $42k.
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.
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.