bitcoin-set-to-lead-a-new-crypto-surge-coinbase/” rel=”nofollow”>The flagship cryptocurrency, bitcoinappears to be at a crossroads as it continues to trade flat, undecided on whether to move bitcoin-investor-sentiment-surges/” rel=”nofollow”>down or up. Commenting on this current price action, crypto analyst Eric Krown crypto reveals key factors that will decide bitcoin's next move.
bitcoin in an “atypical land”
in a video Posted on his YouTube channel, Eric Krown used the btc-price-predictions-35k-for-bitcoin-likely-according-to-a-specific-metric/” rel=”nofollow”>Stochastic indicator to analyze the current price of bitcoin and predict which direction the crypto token is likely to head. Based on his analysis, Krown noted that the current stochastic level pointed to a possible correction that was long overdue for bitcoin.
The analyst stated that a correction would likely make bitcoin drop to $30,000 range, and marked the $28,000 price level as the “worst case scenario.” Meanwhile, he noted that the 5-day HPDR bands still showed the median around $44,500. As such, he expects btc could still see a move to that price level or $45,000 in the near term.
Krown believes that bitcoin bitcoin-price-recently-found-support-at-46k/” rel=”nofollow”>stay below $46,000 means that the correction is likely to occur at some point, suggesting that bitcoin could end up closing February in the red. However, a move above $46,000 will validate an upward move, and the crypto token is likely to rise above $50,000 and rise as high as $53,000, the analyst stated.
Will btc follow history or defy expectations?
Krown also alluded to historic information to demonstrate that bitcoin's monthly close in the red was imminent. He stated that bitcoin typically averaged around three consecutive months in the green before having a red month. The longest number of months bitcoin has been in the green is said to be seven.
Therefore, he was suggesting that it was not out of place for February to be a red month for the flagship crypto token, considering that every month ended in green. since September. These advances were largely due to enthusiasm for the possible approval of the bitcoin Spot ETF.
bitcoin has recently continued defy expectations, and there is a chance that February could still end up being a bullish month for btc. Curiously, data from Coinglass shows that February (along with October) is the most bullish month for the flagship crypto token, with bitcoin closing February in the red only twice.
At the time of writing, bitcoin is back above $43,000, an increase in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Coinbase-Identifies-Bullish-Factors-That-Will-Drive-a-Bitcoin-Bull" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price trending at $43,100 | Source: BTCUSD on Tradingview.com
Featured image of Milk Road, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
