The post Bitcoin (BTC) Price to Hit the $70k Level in The Next 6-Months? Analyst Explains Why appeared first on Coinpedia Fintech News
Crypto analyst Jebb recently discussed the importance of the 200-weekly simple moving average in predicting Bitcoin’s future bull markets. He pointed out that this moving average has historically been a crucial indicator for Bitcoin’s price movements.
In the video, Jebb addressed the misconception that the 200-weekly moving average lost its relevance because Bitcoin’s price fell significantly below it in 2022. He argued that the fall was influenced by external factors, particularly the actions of the Federal Reserve, which artificially inflated Bitcoin’s price in 2021.
Jebb explained that without the Fed’s interference, Bitcoin would likely have rallied to around $50,000 instead of $70,000 and corrected to approximately $20,000 rather than $27,000. He stressed that the 200-weekly moving average had proven its significance in past market cycles, and it continued to be relevant despite recent fluctuations caused by external factors.
The analyst then discussed the current position of Bitcoin in relation to this moving average. He pointed out that Bitcoin had recently bounced off the 200-weekly moving average, which historically marked the beginning of the pre-halving phase in Bitcoin’s bull markets.
Furthermore, Jebb presented various technical indicators, including the weekly chart MACD, the RSI, and Lux Algo signals, that support the idea of a new bull market for Bitcoin. He stated that Bitcoin may likely experience a price rally of $50,000 to $70,000 within the next six months, particularly considering the upcoming halving event expected around April 2024.
Jebb also highlighted bullish signs on the monthly chart, such as a recent bullish cross on the MACD and potential bullish divergence. He suggested that the rally could bring Bitcoin’s price closer to $100,000 but emphasized that the actual outcome would depend on factors like the Bitcoin ETF approval and Federal Reserve actions.