Is Bitcoin Mania Coming Next Month? June Could Kickstart a BTC Price Jump to $15k

This week, Bitcoin is not faring well.

First, over the weekend, the price of bitcoin fell to $8,200. On Monday, we were able to climb back above $9,000 only to drop back below $8,300.

Currently, we are trading around $8,925 in green while managing the daily trading volume of over $3 billion.

Last week, bitcoin climbed to $10,000 level but it has met with resistance as evident from the breakdown from this level, suggesting market’s “nervousness and hesitation.”

Now that the halving is behind us, the crowd sentiments are mixed.

Bullish or Bearish Outlook?

Trader and market analyst Bitcoin Jack’s three-month outlook remains bullish. Moving forward, he is expecting high volatility in both directions in May which will have a decent end. This volatility will then move to the June rally with support at the end of the month into August.

“Successful retest and continuation of previously broken diagonals is typical parabolic behavior and could hint we are developing one,” said the analyst.

According to him, mania is expected in June but that requires media coverage and sidelined fiat FOMO. This would make $14k-$15k possible.

Also, as we reported, April, May, and June are the best months of the year for bitcoin.

Miners are also making a case for the bull market. Miners sell their BTC to cover their operational costs as such are responsible for a large chunk of capital outflow from the bitcoin network.

Now that the bitcoin reward of miners is reduced 50%, the unprofitable smaller miners could relieve the market of inefficient selling, allowing the price to rise.

Recently, a poll held in China by crypto firm RockX revealed that 57% of Chinese miners expect a surge in new bitcoin buyers in the “near future.”

The popular Stock-to-Flow model also projects a rise in BTC price post halving.

Another bull case is made by trader Jonny Moe who points out, “We tapped the 200, we saved the 20 on the daily close, and we never truly reached the horizontal resistance at ~10.5.”

In the near term, we could push higher to test $10,500 but at the same time “mid-term downside wouldn’t be crazy,” he said.

The post halving markets are expected to see a correction because of “buy the rumor, sell the news,” as we have already started to see.

“The halving is a typical ‘buy the rumor, sell the news’ event in which a rally occurs prior to the event. However, once people start to realize that the halving itself doesn’t have much impact and the hype goes away, a correction should be the most likely case to occur,” said trader Michaël Van de Poppe.

ETH Price Analysis

• Ethereum price stays above the EMA-50 as bulls took to gain market momentum in the medium-term.
• The market is going in favor of the bulls at the present in the short-term.

ETH/USD Medium-term Trend: Bullish

Key levels
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65

ETHUSD is in an uptrend in its medium-term outlook. The close of yesterday’s session with a bearish doji candle at $175.72 is an indication of a trend reversal.

The daily candle opens today on a bullish note at $185.59 in the resistance area. Increase momentum by the bulls moves the price up to $191 in the resistance area.

Price is above the EMA-50 in the resistance area an indication that the price of Ethereum is in an uptrend.

The stochastic oscillator signal pointing down at around level 21% in the overbought region indicates that the price movement might change in the days ahead and in this case, a downtrend in the medium-term. Hence, a sell signal.

ETH/USD Short-term Trend: Bearish

The coin is in a bearish trend in its short-term outlook. The formation of the bearish inverted pin bar at $185.60 at the close of yesterday’s session in the support area indicates a trend reversal. Hence bulls’ brief return.

The bulls’ opens the 4-hourly session today at $185.59 in the resistance area and further increase to $189.39.

The formation of a bearish candle with a wick at $186.52 which indicates a reversal in trend drops the crypto price down in the support area after today’s opening.

Bull’s in-road back into the market moves the price up at $191 as the journey up north begins again.

With the price above the EMA-9 and the stochastic signal at the oversold region pointing upwards at around level 47%; these suggest the bulls are gradually returning into the market and the momentum in price might remain in control of the bulls, in this case, an uptrend in the days ahead in the short-term.

Thus, traders may consider buying with bullish reversal candlestick pattern as confirmation.

Bitcoin Becoming A “Currency of Choice” Will Push BTC Price Up 2,500% – Tim Draper

  • Bitcoin correction may end up being more than that but we’re in for an interesting ride
  • Tim Draper still holding to his prediction of BTC at $250,000 in 2023 beginning
  • When the time to make the switch comes, “Bitcoin is going to be the big winner”
  • Warren Buffett is a critic because Bitcoin is a “huge threat” to his holdings

Bitcoin has been extremely volatile for the past two weeks, trying to stay above the important psychological level $10,000 but unable to as yesterday we went down below $9,500.

Bitcoin might be in correction but according to venture capitalist Tim Draper, we are in for an “interesting ride.” Draper, the founder of Draper Associates, in an interview with CNBC said,

“I have been out of the market for about six months, it felt pretty lofty for me and I kind of moved most of my stuff to crypto and Bitcoin. It’s kind of a safe haven now and I think this correction may end up being more than that… we’re in for a kind of an interesting ride.”

Bitcoin – A “Currency of Choice”

Draper reiterated his Bitcoin price prediction for Bitcoin that sees the digital asset hitting $250,000 in the next three years.

“I’m still holding to my prediction I think Bitcoin in 2022, Or at the beginning of 2023, will hit $250,000 and that is a big move from where it is here.”

The reason behind such a bold prediction is Bitcoin becoming a “currency of choice.” Draper explains that currently bitcoin isn’t as easy to move around but eventually it will be and then people will have a choice.

And then, they won’t choose to pay the banks two and a half to four percent every time one swipes their credit card. The choice will be the currency that’s “frictionless, open, transparent, global, and not tied to any political force,” he said.

At some point, Draper feels people are going to make that switch and at that time, “bitcoin is going to be the big winner.”

Enormous Risk

Although he didn’t reveal how much of his net worth is in bitcoin and crypto, he did say, “a lot of it.”

“It’s a lot, it is a lot a lot and it is just better in the long term,” said Draper.

But what kind of risk endemic to other holdings if we see an increment of over 2,500 percent in Bitcoin by 2023.

“Enormous risk, I wouldn’t hold a bank if you paid me to own the bag. I wouldn’t hold an insurance company right now. I mean that they are not in good shape going for the next 10 years, things are going to change. very big.”

He also points out how the millennials prefer bitcoin over dollars as it’s a better currency to hold.

Bitcoin a “Huge Threat” to Crypto Critic Warren Buffett’s Holdings

Draper also commented on long term crypto critic Warren Buffett reinstating his dislike for crypto by saying that they don’t have any value and he doesn’t own any crypto and neither will he ever.

“That is hilarious, he owns 50% of his holdings are banks and insurance companies, they are not going to do well in this new decentralized economy, of course, he’s not going to like it.”

Draper said Buffett sees bitcoin and cryptos as a “huge threat to his holdings.” Draper said,

“Clearly he’s not gonna want this new currency that is completely, everyone knows, is so much better than what we have out there and these currencies that are tied to fiat government. I think they’re just gonna be a relic of the past, it’ll be like holding drachmas and Frank’s.”

Ethereum (ETH) Price Analysis (February 24)

• Price now trades in the range above the resistance level.
• The crypto is in a strong up move. Buyers are in control of the market trading in the upper resistance level.

ETH/USD Medium-term Trend: Bullish

• Resistance levels : $280, $300, $320
• Support levels: $110, $100, $80

The coin continues in a bullish trend zone in its medium-term outlook. Ethereum is forming an ascending triangle and looks bullish.

The bearish momentum returns within the range yesterday after a drawdown of $256.30 in the support area by the bears. With the formation of a bullish marubozu candle, $262.13 the price rises to $276.20 in the resistance area during the yesterday session.

The daily opening candle today at $275.59 in the support area is bearish. This further drops to $266.06 in the support area.

With the price above the two EMAs and the stochastic signal pointing up at around level, 71% suggest that ETHUSD momentum in price is in an uptrend in the medium-term perspective.

ETH/USD Short-term Trend: Bullish

ETHUSD short-term outlook continues in a bullish trend market. The close of the 4-hourly session yesterday candle $275.59 with a wick suggests exhaustion of the bullish momentum hence the bears’ brief return.

The bears’ pressure on the cryptocurrency at $275.29 in the support area led to a drop in price as the 4-hourly session opens today.

The crypto further drops to $266.06 in the support area. Price is above the two EMAs and trades around the resistance area within the range imply the momentum in price of the coin is in an uptrend.

Bitcoin Price (BTC) Signaling Fresh Rally To $10,300

Bitcoin price declined recently below $9,820 and tested the $9,420 support area. BTC to USD is currently rising and it could rally towards the $10,000 and $10,300 resistance levels.

Key Takeaways: BTC/USD

  • Bitcoin price is slowly rising towards the key $9,820 resistance area against the US Dollar.
  • BTC/USD is facing hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is up 3% and it is likely to grind higher towards the $270.00 pivot level.

Bitcoin Price Analysis

This week, there was a major downside correction in bitcoin price below the $10,020 and $9,820 support levels. BTC to USD even spiked below the $9,460 support level.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even settled below the $9,820 level and the 50 simple moving average (2-hours, purple). Finally, there was a break below the $9,400 area and the price traded as low as $9,317.

Recently, it started an upside correction above the $9,600 level and the $9,650 resistance. Besides, the price climbed above the 23.6% Fib retracement level of the key drop from $10,298 to $9,317.

However, the price is now facing a couple of key hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart. The 50 simple moving average (2-hours, purple) is also near the $9,800 level to act as a resistance.

More importantly, the 50% Fib retracement level of the key drop from $10,298 to $9,317 is near $9,807 to stop the upward move. Therefore, a clear break above the $9,800 and $9,820 levels is needed for a sharp upward move towards the $10,000 and $10,020 resistance levels.

Any further gains could lead the price towards the $10,300 resistance level. Conversely, the price could fail to clear the $9,820 area and the 50 simple moving average (2-hours, purple).

In the mentioned case, bitcoin price could resume its decline below the $9,600 level. The main support is near the $9,460 level, below which there is a risk of a major decline towards $9,081. The overall trend is positive and BTC could rally if it clears the $9,820 resistance.