If Bitcoin price holds at $42K, it is likely to go up

As investors continue to focus on the U.S. Federal Reserve’s possible actions to counter rising inflation, the cryptocurrency market is still in flux. Markets are also wobbling as tensions in Ukraine remain.

Data from Cointelegraph Markets Pro, TradingView show that Bitcoin’s price hovers around $44,000. Traders are optimistic that an inverse head-and-shoulders chart pattern will result in a sustained bullish breakout.

BTC/USDT 1-day chart. Source: TradingView

Below is a list of the top market analysts’ thoughts on what to watch as global issues such as inflation and war continue to impact the cryptocurrency market.

The On-Balance Volume indicates a bullish reversal

Market analyst and pseudonymous Twitter User ‘IncomeSharks,’ provided insight into the future of Bitcoin using its On-Balance volume (OBV). This indicator uses volume flow to predict price changes. The following chart highlights the bullish reversal.

BTC/USD 1-day OBV chart. Source: Twitter

According to the analyst,

“People are telling me that we haven’t reached bottom… “And people telling me we aren’t bottomed out… Double bottom, sharp bullish V spike. Price action is noise, and people listen too much to Crypto Twitter.

If BTC has $42,000, Bullish

Analyst and pseudonymous Twitter User ‘CredibleCrypto” offered a similar bullish view on current price action for Bitcoin. He posted this lower time frame chart, which indicates that Bitcoin has more potential to run.

BTC/USD 1-hour chart. Source: Twitter

CredibleCrypto stated,

“Strong moves up and shallow pullbacks, continuation. LTF wave structure is stable at $42,000, which indicates that we are likely to start the next push up.

Related: Fidelity International launches Bitcoin ETP on Deutsche Boerse

Bitcoin prices could rise by 25%

Market analyst Caleb Fransen (Twitter user) offered a final analysis, which also considered BTC momentum. He posted this chart, which included the Williams%R oscillator. This momentum indicator measures overbought or oversold levels.

BTC/USD 1-week chart. Source: Twitter

Fransen says that when there is an oscillation between “oversold”, and “overbought”, this indicates a momentum thrust. This event has happened six times since January 2020 for Bitcoin.

Fransen said,

The average 1-month return after the weekly thrust is +25%. Williams%R is currently attempting to complete the momentum thrust over four weeks. If (big “if”) Bitcoin is able to secure a strong weekly close, I will be optimistic.

The total cryptocurrency market is now worth $1.999 trillion, and Bitcoin’s dominance rate at 42%.

These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.

Opinion writer on 7trade7