Bitcoin (BTC) May Test $150K But Will it First Overcome $4,500?

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin (BTC) Prices up 3.6 percent
Josh Rager projects BTC at $150k after 2023.

Analysts are optimistic of Bitcoin (BTC) price recovery with Brendan Bernstein pointing to supportive fundamentals. At the same time, Josh Rager preview place Bitcoin at over $150k after 2023. All the same, Bitcoin prices are up 3.6 percent in the last week and look likely to reach $4,500 by end week.

Bitcoin Price Analysis

Fundamentals

The co-founder of Tetras Capital, Brendan Bernstein, believes that over the long-term, Bitcoin could outperform other digital assets. Propped by supportive fundamentals as well as increasing adoption levels, Bitcoin (BTC) prices could rally from spot rates to upwards of $130,000 if an analyst’s preview is anything to go by.

Citing the cyclic nature of all markets, Bitcoin rise—despite last year’s crypto winter, is parabolic complete with dips that only correct higher from previous lows. The crypto-analyst, Josh Rager, concludes that it takes 574 days for peak retests.

https://twitter.com/Josh_Rager/status/1112472531049553920

Therefore, regarding Bitcoin whose prices peaked in late 2017, bulls could retest 2017 peaks by 2023 or sooner. After that, his projection places Bitcoin prices at $150k. Even though it may appear “dreamy” we realize that the US SEC may approve the first of its kind Bitcoin ETF after there is public confidence on exchanges notorious for price manipulation as well as Bitcoin halving set for May 2020.

Resulting scarcity will support prices thanks to demand-supply dynamics. Add that to increasing UTXO within the Bitcoin network, and all pointers indicate an accumulation.

Candlestick Arrangement

After three months of accumulation, Bitcoin (BTC) prices are edging higher. Not only is BTC up 3.6 percent at the time of press but prices are firm above Mar 16 highs.

That’s not all. From BB arrangement, it appears that the underlying momentum is strong as today’s long lower wick hints of increasing demand thrusting prices higher as bull bars band along the upper BB.

Because of our previous trade plans, risk-off, aggressive traders should search for under-valuations in smaller time frames and ramp up with first targets at $4,500. The level is previous support now resistance representing the upper limit of the $1,300 trade range whose base is at $3,200 or Dec 2018 lows.

Technical Indicators

Note that prices are up. However, it is after a strong breakout print above Feb 24 highs that risk-averse traders can search for entries. It’s easy to see why. Feb 23-24 is a classic double-bar bear reversal pattern with high transaction volumes. Ideally, Bitcoin (BTC) reversing these losses must exceed 36k of Feb 24 and 37k of Feb 18 confirming the double bar bull reversal patterns of Feb 7-8 and Mar 4-5.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.