Analysts say Bitcoin price is in the ‘profit-taking’ zone with a ceiling at $45K

Investors continue to be intrigued by Bitcoin’s price action. However, there are growing concerns about the global economy and inflation that have led to warnings from Fed officials that upcoming interest rate increases could cause more harm than good to the market.

Cointelegraph Markets Pro and TradingView data show that BTC prices hovered around $43,000 in trading on February 11, after rising 20% from $37,000 over the previous week.

BTC/USDT 1-day chart. Source: TradingView

Here are some predictions from analysts regarding the future of Bitcoin and the wider cryptocurrency market.

“Aim for a move of $40,000”

Crypto trader and pseudonymous Twitter Analyst ‘Crypto_Ed_NL’ provided insight into the bullish or bearish scenarios relating to Bitcoin price. He posted the following chart, which shows two possible BTC price trajectories.

BTC/USDT 4-hour chart. Source: Twitter

Crypto_Ed_NL said,

“Checking my most recent chart to see the current situation. Nothing has changed. Expect a move to $40,000. A bullish scenario suggests a rebound to $48,000. When we surpass $40,000, bearish becomes a reality.
Confluence of resistance levels to BTC

Bitcoin is trading at an ever tighter level, largely due to the $12,000 sharp move from February 4th lows. According to a Delphi Digital report, BTC “heading into resistance in multiple timeframes.”

The price action for Bitcoin is heading towards a confluence between weekly, daily and monthly resistance. Delphi Digital analysts believe that this represents a “potential price ceiling” that will attract profit-taking and risk reduction activity. This confluence of resistance zones, as well as the speed and magnitude with which the recent lows were moved, has Delphi Digital analysts suggested.

BTC/USD 8-hour chart. Source: Delphi Digital

Delphi Digital highlighted the top areas to watch as we move forward. There is significant support for Bitcoin in the $40,000-$41,000 range, with the next level at $38,500.

Delphi Digital identified the $46,000-$48,000 zone as a strong resistance area when it comes to BTC moving higher.

According to the report,

“This is the daily supply zone that will likely cause a lot of resistance. We will likely see a squeeze towards $50,000 above this level.

Delphi Digital highlighted the positive trend in institutional flows over recent weeks, “as market started to make a comeback.”

Monthly fund flows for selected digital asset investment product categories. Source: Delphi Digital

Delphi Digital says Grayscale holds roughly 65% of institutional AUM. However, there are indications that this sentiment is shifting.

Delphi Digital said,

“Excluding BTC/ETH, Binance Coin(BNB) and BNB-based Products have continued to attract most AUM. However, institutional sentiment is beginning to favor alternative names such as SOL.”

Related: Bitcoin stays in tight range while BTC price moving Averages prepare key bullish crosses

This classic trading pattern could be exploited by bulls

The following chart, which shows one possible Bitcoin price trajectory, was posted by crypto analyst and pseudonymous Twitter User ‘IamCryptoWolf.

BTC/USD 1-day chart. Source: Twitter

IamCryptoWolf stated,

“Everybody calling for $46,000. What if $50K–> $46K–> $60K, printing an inverted head and shoulders?”

The total cryptocurrency market is now worth $1.97 trillion, and Bitcoin’s dominance rate at 41.9%.

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