Bitcoin (BTC) price action continues to entice investors, and once again, concerns about the state of the global economy and rising inflation have given warnings that an upcoming rate hike from the Federal Reserve could do more harm than good to the market.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin hovered around the $43,000 support level on February 11, after rising 20% ​​from $37,000 last week.

BTC/USDT 1-day chart. Source: Trading View
Here’s a look at what analysts expect next from BTC and the broader crypto market.

“We expect a move of $40,000”
A look at the bullish and bearish scenarios associated with the price of bitcoin was provided by the crypto trader and Twitter analyst under the pseudonym “Crypto_Ed_NL,” who posted the following chart, which shows two possible price paths for BTC.

BTC/USDT on the 4 hour chart. Source: Twitter
Crypto_Ed_NLsa,

“Check the latest chart with the current situation. Nothing changed. Expect a move towards $40,000. An upside scenario suggests a bounce to $48,000. Downtrend plays an important role when we break $40K.”
Bitcoin Resistance Levels Confluence
Bitcoin is currently experiencing increasingly tight trading at these current levels, in large part due to a “sharp $12,000 move from its low” on February 4th, according to a recent report from Delphi Digital, which notes that BTC is now “at a low level.” “Road.” In Multiple Time Frame Resistance.

As BTC price moves towards the confluence of daily, weekly and monthly resistances, analysts at Delphi Digital suggest that “market participants of all ranges will see this as a potential price ceiling” and that it is a “logical place to wait.” Profit taking / risk minimization activity due to the confluence of resistance areas and the speed and range of movement from recent lows. ”

BTC/USD on the 8-hour chart. Source: Delphi Digital
Regarding the key areas to watch going forward, Delphi Digital highlighted significant support for BTC in the $40,000 to $41,000 range, with the next level of support below $38,500.

Regarding the potential for a BTC rally, Delphi Digital indicated that the $46,000-$48,000 area was a strong resistance area.

The report indicated that

“These are the daily, weekly and monthly supply areas that are likely to be the main resistance level. Above that level, we are likely to see pressure towards $50,000.”
On the positive side, Delphi Digital has also noticed a recent increase in institutional flows over the past few weeks “as the market started to come back.”

Monthly fund flows for product groups selected to invest in digital assets. Source: Delphi Digital
According to Delphi Digital, Grayscale is the largest player in the institutional game with “about 65% of enterprise assets under management,” but there are signs that sentiment is starting to shift.

Delphi Digital said:

“With the exception of BTC and ETH, Binance Coin (BNB) and BNB-based products continue to attract the largest number of AUMs, but institutional sentiment is starting to favor alternative names such as SOL.”
Related: Bitcoin stuck in a tight range as BTC moving average price prepares for a bullish cross

Bulls can take advantage of this classic trading style.
The final bullish forecast for Bitcoin going forward was suggested by a crypto analyst and Twitter user under the pseudonym “IamCryptoWolf,” who posted the following chart describing the likely path of the Bitcoin price.

BTC/USD 1 day chart. Source: Twitter
IamCryptoWolf sa,

“Whoever says $46,000, how about $50,000 -> $46,000 -> $60,000 writing head and shoulders upside down?”

Source: CoinTelegraph

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