It’s hard to know what exactly will be the next trend in the bitcoin (BTC) market. But analysts are already making important predictions. This is the case of trader Skew who recently shared his outlook for the future of the flagship crypto.
Will BTC climb to $28,000 or drop to $19,000?
As the number of non-zero balance addresses on Bitcoin increases, analysts are wondering about the future price of BTC. After an analysis of the market, the trader Skew gave his opinion on the question, this February 15. He indicated that he expect a big move for bitcoin in the coming days. According to him, the flagship crypto currently finds itself in a “transition area“. It could swing higher to $28,000 or lower to $19,000.
To back up his point, the analyst posted a chart highlighting the price targets for BTC.
Analyst Skew suggested that everything could be decided during this week. It is true that the flagship crypto has been on the rise since February 14. This date was marked by the publication of the consumer price index (CPI) of the United States. After the event, bitcoin rallied back above the $22,000 mark.
But that is not enough for investors hoping for a stronger recovery. They would like the crypto to rise by at least 40% like during its remarkable rise in January. So, after two weeks of consolidation, analysts believe thatit’s time for BTC to change or continue its direction.
A commentator asked Skew which is more likely between a decline and a rise in BTC. The Twitter user said: “The DXY seems to be pushing up and the ES down“. The analyst replied : “From there and from the structure of the DXY/JPYUSD, it makes sense for the USD to strengthen through Friday. […] Weakness in highly capitalized assets today would confirm a decline in risky assets“.
Several analysts have more or less made the same predictions as Skew since bitcoin’s rally this year. Many have talked about the area immediately below the $20,000 mark. Indeed, analysts believe that this area could be very interesting for the flagship crypto.
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