Bitcoin is progressing towards its new daily peak, currently at the $38,225 level as of writing. Although the price has retracted after the last resistance test, as expected, it has regained the critical area, signaling potential new highs. This situation is particularly promising in the light of altcoins retreating to their support levels.
Crypto Chase, a cryptocurrency expert, noted that Bitcoin has overcome one of its toughest areas, the $37,500 level, and has returned to this support due to profit-taking. BTC is observed trying to close above this region during the writing of this article. Chase mentioned that the monthly resistance is nearing and despite everyone talking about a rise, there could be a short opportunity at $37,500.
Another analyst, InmortalCrypto, expected BTC price to see a new low before surpassing $37,000 this month. However, the Bitcoin price continued to rise along the support trend line. RektCapital had anticipated an interim fall in previous predictions but was mistaken. He later forecasted the movements for 2023 and 2024 by following the 2020 halving model. Historically, deep pullbacks occurring 150 days before a Bitcoin Halving have been able to provide an extraordinary high Return on Investment (ROI) after the Halving.
This was historically accurate, but as I wrote that day, BTC was under such intense selling pressure that the collapse was brought forward. Despite its recent recovery, it was entering the last 150 days 60% below the All-Time High (ATH). The price was also below the ATH by this margin in previous cycles.
These failed predictions clearly demonstrate that analysts do not see the future with certainty. The article also reminds that it does not contain investment advice and that investors should be aware of the high volatility and risks associated with cryptocurrencies, and carry out transactions based on their own research.
