{"id":9887,"date":"2023-01-20T17:02:37","date_gmt":"2023-01-20T17:02:37","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9887"},"modified":"2023-01-20T17:02:38","modified_gmt":"2023-01-20T17:02:38","slug":"bitcoin-eyes-21-4k-zone-as-analyst-predicts-btc-price-will-chase-gold","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9887","title":{"rendered":"Bitcoin eyes $21.4K zone as analyst predicts BTC price will chase gold"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) rose toward new multi-month highs on Jan. 20 as analysis predicted a new trading range above $18,000.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bitcoin price range &#8220;well defined&#8221;<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD testing but preserving support at $21,000.<\/p>\n<p>The pair edged higher at the Wall Street open, in line with United States equities as the third trading week of an explosive January drew to an end.<\/p>\n<p>Despite misgivings over the rally\u2019s fundamental strength, Bitcoin continued to avoid significant corrections, with exchange order book analysis revealing $23,000 as the next big resistance zone to crack.<\/p>\n<p>\u201cI view the lack of BTC liquidity below $18k and above $23k as a lack of sentiment for those levels at this time,\u201d on-chain monitoring resource Material Indicators wrote in part of commentary about the Binance order book setup. <\/p>\n<p>\u201cNothing changes sentiment like price moving through support or resistance, but for now, the trading range is well defined.\u201d<em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/p>\n<p>An accompanying chart also revealed significant bid support in place at just above the psychologically significant $20,000 mark.<\/p>\n<p>In terms of short-term targets, popular trader and analyst Crypto Ed hoped for a trip to $21,500 before a turnaround with a downside target of $19,800.<\/p>\n<p>\u201cI still believe that we will get there, and maybe we are already on our way over there,\u201d he said in a YouTube update on the day.<\/p>\n<p>The area around $21,400 was equally important for fellow trader CJ, who told Twitter followers that this would be a suitable place to \u201ctag longs.\u201d<\/p>\n<h2>Analyst: Bitcoin should &#8220;close gap&#8221; with gold<\/h2>\n<p>Zooming out, others focused on continued impressive moves by safe haven gold, which had hit a new nine-month high on Jan. 19.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin can pass $30K before setting new bear market low \u2014 forecast<\/em><\/strong><\/p>\n<p>In a Twitter debate, analysts eyed a potential continued game of catch-up between gold and Bitcoin, which researcher and data analyst James V. Straten argued had been a \u201cmirror image\u201d of each other in 2022.<\/p>\n<p>\u201cMy bet BTC closes that gap soon,\u201d he said while discussing the market implications of Federal Reserve policy. <\/p>\n<p>Straten added that BTC\/USD had already \u201cretraced the entire FTX collapse and approaching the end of the narrative for DCG,\u201d referring to ongoing problems for crypto finance conglomerate, Digital Currency Group.<\/p>\n<p><em>BTC\/USD vs. XAU\/USD 1-day line chart. Source: TradingView<\/em><\/p>\n<p>As Cointelegraph reported, expectations previously called for a copycat move on Bitcoin after gold took an early lead in recovering from lows.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-eyes-21-4k-zone-as-analyst-predicts-btc-price-will-chase-gold\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) rose toward new multi-month highs on Jan. 20 as analysis predicted a new trading range above $18,000. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin price range &#8220;well defined&#8221; Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD testing but preserving support at $21,000. The pair edged higher at the Wall Street open, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9888,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9887"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9887\/revisions"}],"predecessor-version":[{"id":9889,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9887\/revisions\/9889"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9888"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}