Currently, the market of cryptocurrency is in a state of flux as most of the investors have been focused on how Bitcoin would be affected by inflation. They have also been looking towards the US Federal Reserve and how they would be able to combat rising inflation and market wobbling as the Ukraine-Russia citation remains tense.
According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that the price of BTC kept hovering around the support level of $44,000 with traders being hopeful for an inverse head and shoulders chart pattern.
Bitcoin Could Climb Back To Its Previous Heights
IncomeSharks, a market analyst and Twitter user, recently posted insight into what could be the future for Bitcoin based on the cryptocurrency’s On-Balance-Volume, which is usually a momentum indicator that regularly uses volume flow in order to predict multiple changes in the price of an asset.
The analyst stated that there was a far more bullish move than the previous occasion when the price of BTC went from $30,000 to $60,000. Double bottom, very sharp bullish V spike. He also spoke about how price action was just noise and people were listening to Twitter a bit too much.
CredibleCrypto also put forward a similar bullish take on the price action for Bitcoin. They posted a lower time frame chart that showcased the room for movement left for BTC. The analyst stated that as long as the price of this cryptocurrency held on to the $42,000 LTF wave structure, there was a major possibility that it would start rising up.
Another Twitter analyst, Fransen, was reported speaking about the weekly thrust of Bitcoin- where the average return for the month was +25%. The Williams%R was quite optimistic in their ability to complete the 4-week momentum thrust at this very moment.