Bitcoin Indicator Forecast Calls For $46K, New All-Time Highs Possible

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin price like a flash of lightning shot up by more than $5,000 in the last 48 to 72 hours, and the forecast just turned from cloudy with a chance of downside to much sunnier days for bulls ahead.

In fact, one technical indicator points to at least $46K from here, and shows that there’s very little resistance above this left stopping Bitcoin from continuing to set new all-time highs.

The Current Crypto Market Price Action “At A Glance”

When markets move sideways for an extended period of time, it can be tricky to tell which direction the asset will head next once the range ultimately breaks. Throw a speculative asset like Bitcoin or other cryptocurrencies into the mix, and even sideways price action can feel like a rollercoaster of emotions.

After a frightening sweep lower, anyone who managed to stay on this volatile ride could be ready to climb to new highs, according to a market forecasting tool.

The tool, created by journalist Goichi Hosoda, is called Ichimoku Kinko Hyo – which translates loosely in Japanese to “a glance at a chart in equilibrium.”

The extremely busy looking tool comes equipped with a variety of spans – some lagging, some leading, and others moving right along with price action.

The next target is the Kijun-sen at $46K | Source: BTCUSD on TradingView.com

The weekly Bitcoin price chart closed above the Tenkan-sen for the first time since losing it in April as support, which suggests that the next stop is the Kijun-sen or baseline – which is located at roughly $46,000.

Why The Bitcoin Forecast Says New Highs Are Possible

Past instances where the top cryptocurrency by market cap retested the key level resulted in a rejection, however, each time in the past had built up bear market resistance to deal with.

With Bitcoin price above the cloud still on weekly timeframes, if price action can reclaim the Kijun-sen next then there’s next to no resistance left above it. There’s some resistance left behind according to the Chikou span – or lagging span around $60,000 but beyond that point there is nothing but clear skies beyond for Bitcoin.

Related Reading | Why The Next Bitcoin Bear Market Will Be The Worst Yet

The Tenkan-sen and Kijun-sen are the two most important tools within the Ichimoku. Not only can they act as support and resistance for price action, but if the Tenkan-sen is above the Kijun-sen, then the asset is considered bullish.

Closing above the Tenkan-sen should lead to new highs  | Source: BTCUSD on TradingView.com

On even higher timeframes, Bitcoin price is holding just fine above the Kijun-sen, and is pressed right up against Tenkan-sen resistance. A close above here the level would leave nothing but a bullish crypto chart behind, with limited resistance and nothing but price discovery ahead.

Is that’s what’s next for Bitcoin?

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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