Technical Analysis of BTC/USD for April 23, 2021

Crypto Industry News:

The investment director of investment giant Guggenheim reiterated his warning that Bitcoin would drop to $ 20,000:

"Given the massive movement we've seen in Bitcoin in the short term, the situation is very tense and I think we will see a major correction in Bitcoin," Minerd said in a TV interview.

Bitcoin remained close to $ 52,000 on April 22, after bouncing back from $ 48,000 following the recent decline.

For Minerd, who recently argued in January that BTC / USD would return to $ 20,000, such an event would be part of the normal market cycle. He said his long-term forecast of $ 400,000 for Bitcoin is still valid today.

"I think we could go back to $ 20,000 to $ 30,000 in Bitcoin, which would be a 50% drop, but the interesting thing about Bitcoin is that we've seen these kinds of drops before," he continued.

Minerd, who previously raised controversy over his comments on the BTC price, was not the only one in his bearish short-term forecast. JPMorgan Chase analysts also made an alarm this week with concerns focused on the futures markets.

Technical Market Outlook:

The BTC/USD pair has made a swing low at the level of $48,573, which is a 61% Fibonacci extension of the last wave down. The market has broken below the key short-term technical support located at the level of $49,269 and the outlook remains bearish. The next target for bears is seen at the level of $46,371 and 445,710. The nearest technical resistance is located at the level of $52,039.

Weekly Pivot Points:

WR3 - $77,128

WR2 - $70,098

WR1 - $62,765

Weekly Pivot - $56,867

WS1 - $48,657

WS2 - $42,481

WS3 - $34,723

Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $50,000 is clearly broken on the daily time frame chart (daily candle close below $50k).

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The material has been provided by InstaForex Company - www.instaforex.com

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