Bitcoin at $45,000 or $30,000? Analyst Reveals Key Factor That Will Determine Decision

The flagship cryptocurrency, Bitcoin appears to be at a crossroads as it continues to trade flat, undecided on whether to make a move down or up. Commenting on the current price action, crypto analyst Eric Krown Crypto reveals the key factors that will decide Bitcoin’s next move.

Bitcoin is an “aberrant country”

In a video posted on his YouTube channel, Eric Krown used the Stochastic indicator to analyze the current Bitcoin price and predict the likely direction of the crypto token. Based on his analysis, Krown noted that the current stochastic level indicated a potential correction that Bitcoin is late.

Analysts claimed a correction would likely see Bitcoin fall to the $30,000 range, with it marking the $28,000 price level as the “worst-case scenario.” Meanwhile, he noted that the 5-day HPDR bands still showed the median to be around $44,500. As such, he expects that BTC could still reach this price level of $45,000 in the near term.

Krown thinks Bitcoin stay below $46,000 means the correction is likely to occur at some point, hinting that Bitcoin could end up closing February in the red.

However, a move above $46,000 will validate an upward move, with the crypto token likely to surpass $50,000 and climb as high as $53,000, the analyst claimed.

Will BTC follow history or defy expectations?

Krown also alluded to historical data to prove that Bitcoin’s monthly close in the red was imminent. He said Bitcoin typically spends on average about three consecutive months in the green before having a red month. The longest number of months that Bitcoin has been in the green would be seven.

Therefore, he suggested that it was not out of place for February to be a red month for the flagship crypto token, given that it ends every month in the green. since September. These gains are due in large part to enthusiasm over the potential approval of the Spotting Bitcoin ETFs.

Bitcoin has recently continued to defy expectations, and February may still be a bullish month for BTC. Interesting way, data from Coinglass shows that February (along with October) is the most bullish month for the flagship crypto token, with Bitcoin closing February in the red on just two occasions.

At the time of writing, Bitcoin is back above $43,000, up over the past 24 hours, according to data from CoinMarketCap.

Bitcoin Price Chart from Tradingview.com

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