Cryptocurrency analysts have pinpointed key price levels from past cycles on Bitcoin charts, which could determine the cryptocurrency’s next move in this cycle. He highlighted Bitcoin’s previous high price target of $65,000 and a clear target. 200 week simple moving average (SMA) The main level to look at is $58,000.
Bitcoin’s 200W SMA highlighted as key monitoring zone
Cryptocurrency analyst VirtualBacon addressed X as follows: share In a new technical chart analysis, he outlines two important price levels for Bitcoin that he believes investors and traders should keep an eye on as the cryptocurrency continues to slide. VirtualBacon went into more detail in the video, naming $65,000 and $58,000 as zones worth watching for those looking for good buying opportunities in the current market environment.
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VirtualBacon highlighted $58,000, where the 200W SMA currently resides, as the most interesting level. Analysts described this metric as one of the most consistent. Reliable buying zones in Bitcoin historyand a track record spanning multiple market cycles.
During this he pointed out that: 2015 bear marketBitcoin price touched the 200W SMA four times without closing below it on a weekly candlestick. In 2018, the 200W SMA marked the absolute bottom of its cycle decline. The 2020 novel coronavirus disease (COVID-19) crash also found exactly this same level of support. The only exception was June 2022, when prices were briefly below average before the consolidation, but then fell a further 25%. The collapse of FTX later that year.
Although VirtualBacon acknowledged the 2022 breakdown, it emphasized that the 200W SMA near $58,000 remains a very important level, given that it has consistently acted as a downside throughout Bitcoin’s history. In his view, the $58,000 level has historically been an area that long-term investors have entered, often accumulating at the bottom before a strong price rally.
Analyst marks old Bitcoin ATH as a buy opportunity
In our analysis, VirtualBacon identified $65,000 as the first level to focus on. Bitcoin’s all-time high in the 2021 bull cycle. The analyst noted that Bitcoin has already reached this region in the current cycle and argued that historically, the previous ATH often provides meaningful support when the price rises again. For investors who subscribe to this theory, the analyst suggested considering $65,000 as a potentially reasonable entry point into the market.
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Notably, VirtualBacon’s Bitcoin analysis has been conducted during the following periods: Overall cryptocurrency market sentiment remains fragileRetail investors are unsure whether the decline in BTC prices represents a strategic buying opportunity or the beginning of a further decline.
Prolonged sideways trading of Bitcoin Moreover, it has done little to restore confidence and has instead fueled anxiety among market participants. Earlier this week, the cryptocurrency briefly dipped below $64,000. US and Israel airstrikes Iran. The cryptocurrency has since rebounded above $70,000, registering an increase of more than 8% in 24 hours.
Featured image from Pixabay, chart from Tradingview.com
