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Ton Weiss discovered an area on the chart of the Bitcoin, which may indicate an imminent return of the BTC to growth
Trader Ton Weiss predicted that the Bitcoin correction could be completed in the near future. According to the trader, the Bitcoin has reached the 20-month moving average (MA), which runs at $34,000. Ton Weiss claims that this is a “perfect opportunity” for a trend reversal and the return of the BTC to growth.
“The only good news we see on the monthly chart is the fact that we are right on the 20-month moving average.
And this is the only area that is ideal for a rebound in the price of bitcoin, ”said the analyst.
According to Weiss, in the event of a rebound, the price of bitcoin will sharply return to the level of $40,000 and consolidate above it.
On January 24, the price of bitcoin for the first time since July 2021 fell to $32.9 thousand, the BTC is trading at $33.6 thousand, and its capitalization is $632 billion, according to CoinGecko.