Trading expert sets Bitcoin target for end February and a BTC bounce in March

Bitcoin (BTC) crashed by more than 21% in the last seven days from a local peak at $99,495, down to $78,219 on February 28, bringing uncertainty to traders and investors. A prominent trading expert, however, believes this movement is part of an expected market correction that is about to end.

CrypNuevo, a well-known smart trader, has been posting technical analyses updates throughout the week, following Bitcoin’s price action. Despite missing, and acknowledging the fail, of a forecasted support at $91,764, CrypNuevo quickly adjusted to BTC’s new reality.

Bitcoin (BTC) price chart analysis posted on February 26. Source: TradingView / CrypNuevo

Bitcoin technical trading targets for end February and March

According to a recent update, the trading expert is looking at the 50-week exponential moving average (1W50EMA) as the leading indicator to set Bitcoin’s target. This would be at $76,200, which could be hit precisely or not, with the price hovering around this level.

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https://twitter.com/CrypNuevo/status/1895435490712514626

Nevertheless, CrypNuevo had also set a bottom target between $77,000 and $78,000 in a previous Analysis. Therefore, the range between $76,000 and $78,000 are, in the technical analyst opinion, good candidates for a bounce.

This, the trading expert, does not expect to happen before February ends, as CrypNuevo predicts Bitcoin will close the month with a red candle and new lows. The first days of March could also see a deviation below the 1W50EMA, before setting the stage for a recovery.

In the comments, other technical analysts have joined the convoy, sharing their insights on what is next for BTC. Some believe the leading cryptocurrency could go even lower, down to the previous all-time high of $69,000. Others, agree on a retest at CrypNuevo’s targets, while bullish traders believe the bounce up has already started.

Bitcoin (BTC) 30-day price chart. Source: Finbold

Bitcoin is currently trading at $81,590, below the trading expert’s targets, which certainly fuels the optimism for the bulls. Yet, it accumulates 20.05% losses in the last 30 days, evidencing the challenges ahead, even if things turn favorably.

Featured image from Shutterstock

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