Bitcoin again approached the $ 20 thousand mark. Analyst Rakesh Upadhyay believes that the BTC rate can overcome this level and continue to grow to $ 23 thousand. But there are several altcoins with greater potential profit
The bitcoin rate again rose above $ 19 thousand. Last weekend, the BTC price, after an unsuccessful attempt to overcome $ 20 thousand, fell to $ 17.6 thousand. But there was no further decline, and the coin resumed its growth.
The upward trend will continue, according to Coin telegraph analyst Rakesh Upadhyay. He predicted a rise in the price of bitcoin and named 4 more coins that may show strong growth in the near future.
The first cryptocurrency has a growth potential of up to $ 23.5 thousand, Upadhyay is sure. But for this, it is important for the coin to overcome the range of $ 19.5 thousand – $ 20.0 thousand. Strong resistance has formed in this area, which has hampered the strengthening of BTC four times since the end of November.
If the price fails to rise above this resistance, a sharp drop is possible, the expert warned. With this development of events, the nearest target will be the mark of $ 17.5 thousand. It is important that the BTC rate remains above this level, otherwise there is a risk of a collapse to $ 16.2 thousand.
The main altcoin also retains its chances of strong gains, Upadhyay added. Ethereum price may rise from the current value of $ 578 to $ 800. The main obstacle to this is the resistance zone at $ 622-635. The analyst explained that as in the case of BTC, ETH has approached these levels several times since the end of November, but has not been able to overcome them.
Upadhyay clarified that there is a possibility of a decline in the Ethereum rate to $ 488. In order to prevent this, the “bulls”, it is important to keep the price of the asset above $ 560. At this level, the lower border of the “Ascending Triangle” pattern passes, which acts as a support.
The expert also suggested keeping an eye on NEM. Altcoin is currently worth $ 0.236, but it has upside potential to $ 0.356. To reach this mark, the price of the coin needs to overcome the resistance of $ 0.276.
If this level is not passed, there is a risk of the NEM rate falling to $ 0.2, Upadhyay warned. Above this mark is a trend line that acts as support. The next support level formed at $ 0.17, the analyst noted.
Upadhyay is confident that the popular Agave Defib token also has growth potential. Since November, the price of altcoin has risen by 185%, and this trend may continue, the analyst is sure. According to him, the coin rate will test the resistance level of $ 95 in the near future. If the attempt to overcome it succeeds, it will make it possible to rise to $ 112.
If the Agave price fails to rise above $ 95, this could be the beginning of a correction, the expert suggested. At this level, support has formed, a fall below which may become the beginning of a downtrend.
Upadhyay advised to pay attention to the anonymous cryptocurrency Monaro (XMR), but its potential is much lower than that of the rest. There is a chance that the value of the coin will rise from the current value of $ 154 to $ 167. To implement such a scenario, it is important for quotes to stay above the $ 150 level, the analyst emphasized.
According to him, if the level fails, the price may sharply drop to $ 135.5. It is important for the bulls to keep the price above this level, Upadhyay noted.
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Trading View Analyst P_S_trade on First Cryptocurrency Collapse and Reasons for Correction Completion
The opinions of experts may not coincide with the position of the editorial board.
Recently, the negative on the cryptocurrency market is increasingly penetrating the hearts of investors: “buyers have not kept their growth trend, buyers are weak, crypto winter has begun, our deposits are in danger.” The end of 2021 is under the threat of the collapse of bitcoin.
The decline in trading volumes on the weekly chart of Bitcoin price movement began in September 2021. At this time, a new wave of growth started, during which many analysts were expecting Bitcoin at $ 100K.However, the renewal of the historical high on low trading volumes showed the true weakness of buyers in the $ 60K range’s a result, they lost control of the local growth wave that began in July 2021 year.
At the moment, the price of BTC is located near the important price zone of $ 45-47 thousand. It was this range that was decisive in the battle between buyers and sellers in May 2021. Therefore, having lost control over the $ 45-47 thousand liquid area, buyers will be forced to retreat to the $ 34 thousand mark.
On the one hand, such a powerful fall will drive the cryptocurrency market into depression. On the other hand, a global consolidation will form on the Bitcoin chart, in which the price will move throughout 2022.
A wide consolidation corridor for trading in the range of $ 34-60 thousand will increase the likelihood of other cryptocurrencies starting to grow. We expect such consequences in the event of a negative scenario of the BTC price movement.