Bitcoin eyes $21.4K zone as analyst predicts BTC price will chase gold

1 year ago

Bitcoin (BTC) roseate toward caller multi-month highs connected Jan. 20 arsenic investigation predicted a caller trading scope supra $18,000.

Bitcoin terms scope "well defined"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD investigating but preserving enactment astatine $21,000.

The brace edged higher astatine the Wall Street open, successful enactment with United States equities arsenic the 3rd trading week of an explosive January drew to an end.

Despite misgivings implicit the rally’s cardinal strength, Bitcoin continued to debar important corrections, with speech bid publication investigation revealing $23,000 arsenic the adjacent large absorption portion to crack.

“I presumption the deficiency of BTC liquidity beneath $18k and supra $23k arsenic a deficiency of sentiment for those levels astatine this time,” on-chain monitoring assets Material Indicators wrote successful portion of commentary astir the Binance bid publication setup.

“Nothing changes sentiment similar terms moving done enactment oregon resistance, but for now, the trading scope is good defined.”

An accompanying illustration besides revealed important bid enactment successful spot astatine conscionable supra the psychologically important $20,000 mark.

In presumption of short-term targets, fashionable trader and expert Crypto Ed hoped for a travel to $21,500 earlier a turnaround with a downside people of $19,800.

“I inactive judge that we volition get there, and possibly we are already connected our mode implicit there,” helium said successful a YouTube update connected the day.

The country astir $21,400 was arsenic important for chap trader CJ, who told Twitter followers that this would beryllium a suitable spot to “tag longs.”

Analyst: Bitcoin should "close gap" with gold

Zooming out, others focused connected continued awesome moves by harmless haven gold, which had deed a caller nine-month precocious connected Jan. 19.

In a Twitter debate, analysts eyed a imaginable continued crippled of catch-up betwixt golden and Bitcoin, which researcher and information expert James V. Straten argued had been a “mirror image” of each different successful 2022.

“My stake BTC closes that spread soon,” helium said portion discussing the marketplace implications of Federal Reserve policy.

Straten added that BTC/USD had already “retraced the full FTX illness and approaching the extremity of the communicative for DCG,” referring to ongoing problems for crypto concern conglomerate, Digital Currency Group.

As Cointelegraph reported, expectations antecedently called for a copycat determination connected Bitcoin aft golden took an aboriginal pb successful recovering from lows.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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