These five analysts made accurate predictions for the crypto market in the month of February, in particular the prices for Bitcoin (BTC), Ethereum (ETH), and Aptos (APT).
Predicting the cryptocurrency market is notoriously difficult due to its high volatility, lack of correlation with other established assets, and many external factors that could affect it. However, these five analysts managed to do so perfectly, posting accurate predictions on Twitter for Bitcoin, Ethereum, and Aptos.
Bitcoin (BTC) Reached a Local Top at the Beginning of the Month
Three analysts successfully predicted that the Bitcoin price will reach a local top in February. Two of them, TheTradingHubb and AltreetBet used Elliott Wave theory to come to their conclusion, while IncomeSharks simply used levels and deviations.
The Bitcoin price currently trades at a point of convergence between important resistance and support. The $23,900 horizontal area provides the main resistance while the ascending support line holds up the price. Whether the BTC price breaks out above the former or down from the latter could determine the future trend. A breakout would likely take the price toward $28,000, while a breakdown could cause a fall to the 0.382 Fib retracement support level at $21,540.
Ethereum (ETH) Price Briefly Moves Above $1,700
The analyst that correctly predicted the Ethereum price movement was Pentosh1. He stated that the price would deviate above $1,750 before falling back toward $1,600. ETH is the native token of the Ethereum blockchain, created by Vitalik Buterin. It is the second largest cryptocurrency based on its market capitalization.
That was exactly what happened with the ETH price, as the deviation led to a low of $1,557 on Feb. 25. However, the ETH price recovered afterward and is now attempting to break out above the $1,690 resistance area. If it is successful, this could lead to an increase toward $2,000. However, a rejection from this area could cause a drop to $1,490. Since the RSI broke out from its bearish divergence trend line (green line), a breakout is slightly more likely.
Aptos (APT) Is No Longer Crypto Market’s Biggest Gainer
Finally, LomahCrypto was successful in predicting the Aptos price decrease. Close to its $20 high, he stated that he is patiently waiting for a retracement to $13 and possibly even $9.
The APT price decreased for the entire February, following a descending resistance line in the process. On Feb. 16, both the line and the $16.50 resistance area caused rejections and catalyzed the ongoing downward movement. The price still trades below this resistance line and broke down from the $13.75 resistance area.
Due to this breakdown, the decrease toward the $9.70 horizontal support area is the most likely movement, as outlined by Lomah.
However, a breakout from the line and reclaim of the $13.75 area would invalidate this bearish hypothesis and could lead to a retest of the $16.50 resistance area.
For BeInCrypto’s latest crypto market analysis, click here.
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