Analysts say Bitcoin price is in the ‘profit-taking’ zone with a ceiling at $45K

Investors continue to be intrigued by Bitcoin’s price action. However, there are growing concerns about the global economy and inflation that have led to warnings from Fed officials that upcoming interest rate increases could cause more harm than good to the market.

Cointelegraph Markets Pro and TradingView data show that BTC prices hovered around $43,000 in trading on February 11, after rising 20% from $37,000 over the previous week.

BTC/USDT 1-day chart. Source: TradingView

Here are some predictions from analysts regarding the future of Bitcoin and the wider cryptocurrency market.

“Aim for a move of $40,000”

Crypto trader and pseudonymous Twitter Analyst ‘Crypto_Ed_NL’ provided insight into the bullish or bearish scenarios relating to Bitcoin price. He posted the following chart, which shows two possible BTC price trajectories.

BTC/USDT 4-hour chart. Source: Twitter

Crypto_Ed_NL said,

“Checking my most recent chart to see the current situation. Nothing has changed. Expect a move to $40,000. A bullish scenario suggests a rebound to $48,000. When we surpass $40,000, bearish becomes a reality.
Confluence of resistance levels to BTC

Bitcoin is trading at an ever tighter level, largely due to the $12,000 sharp move from February 4th lows. According to a Delphi Digital report, BTC “heading into resistance in multiple timeframes”.

Delphi analysts suggest that price action for Bitcoin is heading towards a confluence between weekly, daily and monthly resistance. This represents “a potential price ceiling” that market participants of all types will look at. They also believe that this area can be expected to see profit-taking and risk reduction activity because of the convergence of resistance zones as well as the speed and magnitude with which the recent lows were moved.

BTC/USD 8-hour chart. Source: Delphi Digital

Delphi highlighted the areas that should be monitored as we move forward. There is significant support for Bitcoin in the $40,000-$41,000 range, with the next level at $38,500.

Delphi Digital identified the $46,000-$48,000 zone as a strong resistance area when it comes to BTC moving higher.

According to the report,

“This is the daily supply zone that will likely cause a lot of resistance. We will likely see a squeeze towards $50,000 above this level.

Delphi noted the positive trend in institutional flows over recent weeks as “the market started to make a comeback.”

Monthly fund flows for selected digital asset investment product categories. Source: Delphi Digital

Delphi Digital says Grayscale holds roughly 65% of institutional AUM. However, there are indications that this sentiment is shifting.

Delphi Digital said,

“Binance Coin (BNB) and BNB-based products continue to attract the highest AUM, however institutional sentiment is shifting to favor alternatives like SOL.”

Related: Bitcoin stays in tight range while BTC price moving Averages prepare key bullish crosses

This classic trading pattern could be exploited by bulls

The following chart, which shows one possible Bitcoin price trajectory, was posted by crypto analyst and pseudonymous Twitter User ‘IamCryptoWolf.

BTC/USD 1-day chart. Source: Twitter

IamCryptoWolf stated,

“Everyone is calling for $46,000. What if $50K–> $46K–> $60K, printing an inverted head and shoulders?”

The total cryptocurrency market is now worth $1.97 trillion, and Bitcoin is the dominant currency at 41.9%.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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