Analysts say the price of Bitcoin is in the “Take Profit” zone of a maximum of $ 45,000

Bitcoin price movementBTC) continues to anger investors and once again, concerns about the state of the global economy and rising inflation have led to warnings that upcoming Fed rate increases could do more damage than the state of the market.

information from Cointelegraph Markets Pro And TradingView It shows that the price of BTC hovered near the $43,000 support level in trading on February 11th after rising 20% ​​from the $37,000 level over the past week.

Here’s a look at what analysts expect next for BTC and the broader cryptocurrency market.

“Expect to move to $40,000”

An insight into the bullish and bearish scenarios related to the price of bitcoin was provided by the cryptocurrency trader and Twitter analyst named Crypto_Ed_NL, who Spread The following chart shows two possible BTC price paths.

Crypto_Ed_NL said,

“Check the latest chart with the current situation. Nothing changed. Expect a move towards $40,000. The bullish scenario suggests a bounce to $48,000. The downside plays an important role when we cross over $40,000.”

BTC Resistance Levels Confluence

Bitcoin is now finding itself trading increasingly frenetic at these current levels due in large part to the “sharp move of $12,000 from the lows” on February 4, according to a recent report from Delphi Digital, which noted that BTC is now trending “into resistance on multiple time frames.”

As the price action of BTC is trending towards the confluence of daily, weekly and monthly resistance, Delphi analysts suggest that “market participants of all kinds will view this as a potential price ceiling” and that it represents a “logical place to expect profit – doing / minimizing risk due to the confluence of areas Resistance, speed and volume of the move from recent lows.”

As for the key areas to watch going forward, Delphi highlighted a significant amount of support for BTC in the $40,000 to $41,000 range with the next level of support below $38,500.

When it comes to the potential for a BTC rally, Delphi Digital has listed the $46,000 to $48,000 area as a severe resistance area.

The report indicated that:

“These are the daily, weekly and monthly supply areas that are likely to be a significant resistance level. Above that level we could potentially see pressure around $50,000.”

On a positive note, Delphi also highlighted the recent surge in institutional flows over the past two weeks “as the market started to come back.”

According to Delphi Digital, Grayscale is the largest player in the institutional game with “nearly 65% ​​of institutional assets,” 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 continued to attract the most assets under management, but institutional sentiment started favoring alternative names such as SOL.”

Related: Bitcoin stuck in a tight range as BTC price moving averages are a major bullish cross

Bulls can take advantage of this classic trading style

A definitive bullish perspective for BTC going forward was provided by crypto analyst and Twitter user pseudonym ‘IamCryptoWolf’, who Spread The following chart shows a possible path for the price of Bitcoin.

IamCryptoWolf said,

“Everyone asks for $46,000, what if $50K -> $46K ->$60K prints a reverse head and shoulders?”

The total cryptocurrency market capitalization now stands at $1.97 trillion and the Bitcoin dominance rate is 41.9%.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.