Markets

Two Crypto Analysts Failed to Predict Bitcoin’s April Price

These two cryptocurrency analysts made inaccurate predictions of the crypto market in April, especially regarding the price of Bitcoin (BTC).

Predicting the direction of the cryptocurrency market is difficult due to its high volatility and occasional lack of correlation with broader economic trends.

These two analysts made predictions about the cryptocurrency market in April that turned out to be incorrect.

Capro cipher and “Capriltulation”

Well known bearish crypto analyst @employee Suggest the April monthly candle to be the largest bearish candle in history, reaching $12,000 area.

The bearish analyst explained more details about it trade ideawhen asked if he was trolling, by saying:

“Not real. That’s what I really think, but with a touch of humor. What makes people optimistic and confident is the price action but they never stop to think beyond that.”

Needless to say, Bitcoin price has not reached this area. In fact, the monthly candlestick was bullish, albeit by a very small amount.

However, it is worth noting that the price did not break the long-term resistance area at $31,000 (red icon). So, despite the bullish close, the price action allows the possibility of a local high.

The Relative Strength Index (RSI) highlights trend indecision.

BTC/USD monthly chart. source: TradingView

Using the RSI indicator as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is up, the bulls have the advantage, but if the reading is below 50, the opposite is true. The current reading of 50 is a sign of an indefinite trend.

On the monthly time frame, the next resistance is at $46,000, while the nearest support area is at $23,000.

Inverted head and shoulders fail at TheMoonCarl

A famous cryptanalyst @employee He tweeted a chart of the inverse head and shoulders pattern in bitcoin price chart with an extension The goal is $40,000. The style was very unusual, with a sharp, upward-sloping neckline.

Bitcoin price has not broken away from it. Instead, a decline followed after the RSI established a bearish divergence. This is a type of occurrence where an increase in momentum does not support an increase in price.

After that, the bitcoin price created a lower high (red icon).

Bitcoin (BTC) cryptoanalyst prediction
BTC/USDT daily chart. source: TradingView

If the decline continues, the nearest support area will be at $23,250, which was created by the 0.5 Fibonacci retracement support level (black). Fibonacci retracement levels work on the principle that after a significant price change in one direction occurs, the price will partially correct or revisit the previous price level before resuming in its original direction.

On the other hand, a move above the previous high of $31,000 implies that the trend is to the upside, which leads to a possible increase towards $40,000.

For the latest cryptocurrency market analysis from BeInCrypto, click here.

Disclaimer

In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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