A popular analyst pointed out a 50% upside potential for BTC due to the price position around the 100 MA.
BTC might need more demand at $26,400 to overcome the series of false breakouts.
The OBV aligned with a bearish market structure since liquidity decreased and the price continued fluctuating.
Crypto analyst Tone Vays stated that Bitcoin’s (BTC) drop should not be a reason for traders to fret. The analyst who hosted a live session with his YouTube community said the $27,500 region has a role to play in his projection.
While explaining how he arrived at a 50% bullish allocation, Vays said, “The region is the catalyst to be 100% bullish in Bitcoin. If we go above $27,500 and close above the red candle, then I would be comfortable that we’re in the bullish market once again.”
Though Bitcoin has retraced to $26,464 at press time, the analyst mentioned that the upward movement also depends on the 100-day Moving Average (MA).
By examining the Bitcoin price patterns, and key support levels, Vays noted, “I am very very bullish. But the bullishness of the daily chart needs to align with the bullishness of the four-day chart while crossing the 100 MA for a potential price rebound.”
However, this could happen if the buying pressure on the $26,400 to $27,500 price level buying pressure outweighs the selling pressure.