Analyst Cheeky Crypto recently shared a Bitcoin price prediction that might not be what everyone wants to hear. According to him, the charts indicate a bearish setup in the short term, with lower highs and lower lows. The analyst pointed out that the market is currently in a ranging phase, with a targeted range and a recent relief rally discussed. The analyst highlighted resistance around the $68,000 to $69,000 range, expressing uncertainty about reaching it.
While the analyst views the current movement as a potential three-wave pattern, indicating a short-term correction followed by a medium-term pump towards $68,000, they warned that rejection at this level could lead to significant downside movement.
The analyst stressed the importance of the 200-day exponential moving average (EMA), considering it a crucial indicator for Bitcoin’s health. The analyst explained that a breakout above $73,777 would invalidate the bearish structure, but if Bitcoin gets rejected at $68,000 to $69,000, they anticipate targeting the 200-day EMA, currently around $50,741. This could coincide with a price prediction ranging from $52,000 to $55,000, where the analyst expects to find support.
Although the analyst previously mentioned a $50,000 target, they noted that the prediction is evolving with each daily candle, as the 200-day EMA continues to rise. The analyst anticipates a temporary pump followed by a downturn, with the 200-day EMA acting as a key trend filter in the coming weeks. The stochastic RSI also indicates overbought conditions, hinting at a possible shift in momentum to the downside
In addition, recent developments such as the approval of Bitcoin and Ethereum ETFs in Hong Kong and potential fee reductions for the grayscale mini Bitcoin spot ETF could further support Bitcoin’s price in the future.
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