12 Reasons Why Bitcoin Is Going To US$28,000
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During this week, Bitcoin (BTC) has remained around the level of US $ 24,000. It seems that the trigger for the massive movement will still be waiting for the agenda from the financial institutions of the United States, or from the movements of the whales.
While waiting for massive movements, a crypto asset expert by the name of @kinglacrypto has shared more than 10 of his analyses, with various points of view. The main point of his analysis is the US$ 28,000 figure.
1. Bitcoin Enters a Trend Reversal
@kinglacrypto shares the first point of view, namely the end of the bear market, and the presence of a reversal trend in the future. He draws a line from November 2021, where BTC is at ATH and drops until March 2023.
From there, he estimates that the trend has turned upward with all the corrections, up to the level of US$ 54,000.
2.Golden Cross
@kinglacrypto shares the second prediction, namely the golden cross on the 50/200 day moving average. This golden cross is expected to occur, when the BTC price touches US $ 20,000. After the cross, the main crypto will increase to US $ 26,000.
3. Zone Prediction In Daily Chart
In the zone he marked, namely US $ 18,750 as support to US $ 24,500 as resistance. It is estimated that BTC price will break resistance to US$ 25,300, then make a slight correction to the resistance line and return to US$ 28,000.
This increase is based on daily zone movements, which he has been monitoring since the start of winter in July 2022.
4. Inverted Head and Shoulder Theory
For information, the Inverted Head and Shoulder movement is where the candle forms an inverted shoulder and head position. In this move, he established a sideways move of the left shoulder, which the following month fell to form an inverted head position.
The move was then followed by a right shoulder candle, which was an early year rally, with BTC's performance building up to the current price.
5. Three Day Chart
In this analysis, @kinglacrypto marked a bull market that started in May 2021, where the level was US $ 7,150. After the bull run occurred and then BTC declined, he marked another bull run that same year at US$ 44,000, to ATH.
After a dip from ATH, which was followed by a winter and FTX collapse as well as an early 2023 rally, he signals the bull run will return to around US$20,000 in April.
6. Effect of News Over the Last 3 Years
In this post, he tagged an event that occurred in April 2019, where news emerged regarding Bitfinex taking a loss of US$ 850 million using Tether funds. From there, the movement was observed to be rising high until the turn of the year. Then in 2023 this month, @kinglacrypto again tagged the news regarding BUSD Depegs, which triggered a correction to the price of US$ 22,200.
7. Percentage of Increase and Decrease Since 2019
Another prediction, taken from the point of view of the percentage increase and decrease he has taken since the last three and a half years, is on a 3-day chart. The analysis begins with the BTC price which was at the level of US $ 4,400 in May, increasing by 150 percent to US $ 6,600 at the end of September, followed by another increase to US $ 10,000.
Then, the decline started to occur when BTC touched the US $ 10,000 mark in September 2019 by 20 percent in April 2020. However, a massive increase occurred in July 2020 by 644 percent in July 2021.
After the 20 percent correction that occurred in September 2021, it is back again by 45 percent to ATH. From ATH, BTC again started its downward journey so far it is 69 percent.
8. Massive Movement
Looking at it from this vantage point, @kinglacrypto sees price action based on the massive movement of BTC, which was taken back in 2017. In the chart, this analyst defines September 2017 as a bullrun moment, where the price increases from a range of US$ US$ 1,600 to US$ 21,804 at the beginning of 2018.
Then during February 2018, Bitcoin experienced a massive drop that brought its price to US$ 3,000 in May 2019. From here, @kinglacrypto marked the figure as a bear market bottom. The reason is, after the bear market ended, BTC shot back to US$ 13,000 in July 2019. After that, there was another correction in 202 caused by the Covid-19 pandemic, with a level of US$ 4,700.
However, a few months since the pandemic, BTC has performed well until ATH in November 2021. So, this is where it marks the prediction of a bear market bottom in 2023, where the level shows US$ 15,000, and will rise to US$ 145,000.
9. Timing Buy
This one chart shows the history of BTC price movements, where the highlight is the entry buy when the bull market starts to move. From the analysis, there is a highlight in January 2023, on January 16 to be precise. On that date, he determined that it was time for the entry point at US$ 23,000.
10. Weekly Timeframe S/R Zones
Finally, @kinglacrypto shows a graph of the Support and Resistance zones within 1 week. In this case, the support he determined was US$ 24,179, while resistance was at US$ 28,035. If BTC performs well this month, then later in April the price will be expected to touch the boundary of that resistance, with the potential for a break.
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