{"id":573588,"date":"2022-07-20T18:57:02","date_gmt":"2022-07-20T17:57:02","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=573588"},"modified":"2022-07-20T18:57:02","modified_gmt":"2022-07-20T17:57:02","slug":"bitcoin-could-gain-another-18-after-breaking-24k-btc-analyst","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-could-gain-another-18-after-breaking-24k-btc-analyst\/","title":{"rendered":"Bitcoin Could Gain Another 18% After Breaking $24k &#8211; BTC Analyst."},"content":{"rendered":"<p>Summary:<\/p>\n<ul>\n<li>Bitcoin has broken above the 50-day moving average with its push above $24k.<\/li>\n<li>BTC could rally another 18% before reaching the next level of significant resistance, around $28k.<\/li>\n<li>Capitulation by Bitcoin investors and miners could also be slowing down.<\/li>\n<\/ul>\n<p>Bitcoin has had an eventful first few days of the week, having punched through the $22k resistance level early Monday and breaking the $24k resistance level today to post a local high of $24,276.<\/p>\n<h2>Bitcoin Could Gain Another 18% After Breaking $24k.<\/h2>\n<p>Bitcoin&#8217;s impressive price movement despite <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-attempts-to-reclaim-200wma-ahead-of-inflation-data-from-eu-uk-canada-japan\/\" target=\"_blank\" rel=\"noopener\">record-breaking inflation<\/a> around the world has prompted popular BTC analyst, <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-rapidly-declining-to-22k-or-20k-seems-probable-says-btc-analyst\/\" target=\"_blank\" rel=\"noopener\">Magic Cannon<\/a>, to forecast that the digital asset could gain another 18%.<\/p>\n<p>According to Magic, Bitcoin has shown strength by breaking the 50-day moving average and could keep pushing past $24k to the $28k price level &#8216;before hitting the last major resistance zone.&#8217;<\/p>\n<p>Magic&#8217;s analysis of Bitcoin&#8217;s current price action can be found in the tweet below.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#BTC<\/a> has broken above the 50 day MA (in orange) and could rally another 18% before hitting the last major resistance zone. <a href=\"https:\/\/t.co\/Ss7y8w2UGM\" rel=\"nofollow\">pic.twitter.com\/Ss7y8w2UGM<\/a><\/p>\n<p>&mdash; MAGIC (@MagicPoopCannon) <a href=\"https:\/\/twitter.com\/MagicPoopCannon\/status\/1549781898670608384?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">July 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>$28k Is Around Bitcoin&#8217;s 100-day Moving Average.<\/h2>\n<p>Further double-checking the daily BTC\/USDT chart below reveals that Bitcoin has reclaimed the important 200-week moving average (red) as support. This crucial moving average has a history of marking past Bitcoin bottoms and could be a significant indicator that <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-miners-sold-14-6k-btc-in-june-a-4x-increment-from-may-and-suggesting-capitulation\/\" target=\"_blank\" rel=\"noopener\">BTC selling<\/a> by investors and miners could have subsided.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-20_20-45-31.png\"><img class=\"aligncenter size-full wp-image-573589\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-20_20-45-31.png\" alt=\"\" width=\"1001\" height=\"603\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-20_20-45-31.png 1001w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-20_20-45-31-300x181.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-20_20-45-31-770x464.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-20_20-45-31-500x301.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-20_20-45-31-269x162.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-20_20-45-31-746x449.png 746w\" sizes=\"(max-width: 1001px) 100vw, 1001px\" title=\"\"><\/a><\/p>\n<p>However, the daily MFI, MACD, and RSI all point to an overbought scenario for Bitcoin that could result in a pullback to the same 200-week moving average around the $22.5 k price area. But, if Magic&#8217;s analysis is to be considered, a push higher to $28k is in line with Bitcoin tapping the 100-day (yellow) moving average around the same level.<\/p>\n<h2>Bitcoin Has Punched Through a Capitulation Structure &#8211; Willy Woo.<\/h2>\n<p>Similarly, veteran Bitcoin analyst, <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-miners-start-selling-their-holdings-as-a-btc-bottom-proves-elusive\/\" target=\"_blank\" rel=\"noopener\">Willy Woo<\/a>, has noted BTC&#8217;s price movements in the last few days and concluded that the digital asset could have &#8216;punched through a capitulation structure&#8217; that could foreshadow the beginning of a proper bottom. He shared his analysis through <a href=\"https:\/\/twitter.com\/woonomic\/status\/1549711754598354945\" target=\"_blank\" rel=\"nofollow noopener\">the following statement<\/a> and accompanying chart.<\/p>\n<blockquote><p>BTC punched through a capitulation structure. i.e. investors who bought higher sold out in droves while urgent buyers were there to rally the price against the selling. The next step in a proper bottom signature happens when the contours get dense under the price.<\/p><\/blockquote>\n<figure id=\"attachment_573590\" aria-describedby=\"caption-attachment-573590\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th.jpg\"><img class=\"size-large wp-image-573590\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-1024x581.jpg\" alt=\"\" width=\"1024\" height=\"581\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-1024x581.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-300x170.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-770x437.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-1536x871.jpg 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-500x284.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-269x153.jpg 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-746x423.jpg 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th-1376x780.jpg 1376w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Willy-Woo-July-20th.jpg 1682w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a><figcaption id=\"caption-attachment-573590\" class=\"wp-caption-text\">Source, @woonomic on Twitter.<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Bitcoin has broken above the 50-day moving average with its push above $24k. BTC could rally another 18% before reaching the next level of significant resistance, around $28k. Capitulation by Bitcoin investors and miners could also be slowing down. Bitcoin has had an eventful first few days of the week, having punched through the $22k resistance level early Monday and breaking the $24k resistance level today to post a local high of $24,276. Bitcoin Could Gain Another 18% After [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":563143,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[108421,6962,1233,6961],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573588"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=573588"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573588\/revisions"}],"predecessor-version":[{"id":573593,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573588\/revisions\/573593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/563143"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=573588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=573588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=573588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}