Analyst Cheeky Crypto’s Bitcoin Price Prediction and Market Analysis

Analyst Cheeky Crypto has recently shared a Bitcoin price prediction that may not be music to the ears of all investors. According to the analyst, the charts are showing a bearish setup in the short term, with lower highs and lower lows indicating a potential downward trend.

The market is currently in a ranging phase, with a targeted range and a recent relief rally discussed by the analyst. Resistance is expected around the $68,000 to $69,000 range, with uncertainty surrounding the possibility of reaching this level.

The analyst views the current movement as a potential three-wave pattern, suggesting a short-term correction followed by a medium-term pump towards $68,000. However, they caution that rejection at this level could lead to significant downside movement.

The 200-day exponential moving average (EMA) is highlighted as a crucial indicator for Bitcoin’s health by the analyst. A breakout above $73,777 would invalidate the bearish structure, but a rejection at $68,000 to $69,000 could see Bitcoin targeting the 200-day EMA, currently around $50,741, where support is expected to be found.

While the analyst had previously mentioned a $50,000 target, they note that the prediction is evolving with each daily candle as the 200-day EMA continues to rise. A temporary pump followed by a downturn is anticipated, with the 200-day EMA serving as a key trend filter in the coming weeks. The stochastic RSI also indicates overbought conditions, suggesting a potential shift in momentum to the downside.

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 provide further support for Bitcoin’s price in the future. Investors will need to keep a close eye on these factors as they navigate the volatile cryptocurrency market.