Bitcoin (BTC) hit $24,000 at the Wall Street open on July 20 as the good times for the cryptocurrency markets continued.
BTC price rally “it all depends on macros”
Data from Cryptooshala Markets Pro and trade view showed that BTC/USD passed its last frontier after a short consolidation.
The pair’s 24-hour gains remained at almost 8% and the weekly yield was around 25% as bitcoin and altcoins benefited from the decline in the US dollar and rising stock markets.
Bitcoin’s rally has seen bulls recover key trendlines lost in June, but the jury is out on whether the newfound strength can be sustained past the current weekly candle.
“Bitcoin rally looks good? Yes. But BTC should not be proud of this rally,” Venturefounder analyst. commented.
“The correlation between BTC and NASDAQ is still at 91% (all-time high) and both of them look to Fed policy, interest rate and recession forecast and $DXY as a guide. It all depends on macroeconomics.”
However, the US dollar index (DXY) showed no signs of successful recovery during the day, deviating at 107 after a local bottom.
Meanwhile, popular trader and analyst Josh Rager demanded a “strong” clue to the $30,000 zone for Bitcoin to actually move from bearish to bullish.
Mentioned two weeks ago $BTS looked good for $28k with a breakthrough
Slowly but surely, I would like to see this rise another 20%+ to lock in profits. https://t.co/Mzl7wF76y2
– Rager (@Rager) July 19, 2022
Metric predicts up to $120,000 in 2023
Zooming out, one bitcoin price indicator led a TechDev analyst to believe that BTC/USD will see a new all-time high before its next block subsidy is halved in 2024.
100x bitcoin’s energy consumption would mean an ‘absurd’ BTC price of $20 million – developer
TechDev noted the True Strength Index (TSI) for bitcoin, a metric that uses several basic calculations to determine how much an asset is overbought or oversold at a particular price.
He argued that the decline in prices since the last all-time high in November 2021 remains trending and therefore there is a possibility of historical patterns repeating.
Thus I expect:
– The top of the intermediate wave 5 at the level of 80-120 thousand in 2023
– Primary wave 4 will decrease to 30-50 thousand in 2024
– Primary wave 5 will exceed 200k in 2025 to complete wave 3 of the cycle.A detailed chart with supporting evidence is pending.
I’m sure that now that it’s written down, it won’t happen.
4/4 pic.twitter.com/iRx5PUSGSU
— TechDev (@TechDev_52) July 20, 2022
There is also a recovery in the Bitcoin Relative Strength Index (RSI). drew attention creator of the Stock-to-Flow PlanB model.
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Credit : cointelegraph.com