Bitcoin price is ‘likely starting the next push up’ if $42K holds as support

As the situation in Ukraine remains tense, investors are once again focused on what steps the U.S. Federal Reserve might take to combat rising inflation.

The inverse head and shoulders chart pattern will lead to a sustained bullish break for the price of the coin, as shown by the data from Cointelegraph Markets Pro.

The 1-day chart shows the price of the currency. The Trading View is a source.

As global issues from inflation to war continue to make their presence felt in the criptocurrency market, several analysts in the market are keeping an eye on moving forward.

The volume shows a bullish reversal.

The following chart was posed by IncomeSharks, a market analyst who provided insight into what may lie ahead for Bitcoin based on its On-Balance-Volume (OBV), which is a momentum indicator that uses volume flow to predict changes in the price of an asset.

The 1-day OBV chart shows the price of the currency. You can find it here:

The analyst said so.

People are telling me that we are not bottomed out. We went from $30,000 to $60,000 last time. The double bottom V spike was very bullish. People are listening too much to the price action on social media.

Bullish if the price is $42,000.

A bullish take on the current price action for BTC was offered by analyst and pseudonymous Twitter user, who posted the following lower time frame chart.

The one-hour chart shows the price of the currency. You can find it here:

It said, "CreedibleCrypto."

Strong moves up. The wave structure indicates that we are likely to start the next push up.

Fidelity International has an exchange traded product onDeutsche Boerse.

The price could increase by 25%.

A final bit of analysis that also took BTC momentum into consideration was offered by market analyst and Twitter user, who posted the following chart that included the Williams%R oscillator, a momentum indicator that measures oversold and overbought levels.

The one-week chart of BTC/USD. You can find it here:

According to Fransen, there have been six times in the last year when there was a full oscillation from old to new.

Fransen said something.

The average 1-month return is 25% after the weekly thrust. The Williams%R is trying to complete the thrust. I'll be very optimistic if the weekly close is strong.

The market cap of cryptocurrencies is almost $2 trillion and the dominance rate is 42%.

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Source: cointelegraph.com