Bitcoin
Analyst Foresees Bitcoin Primed For The Next Leg, Here’s The Target
As Bitcoin continues to consolidate, cryptocurrency experts at Our Crypto Talk in a bold forecast that has garnered the attention of the crypto community have pointed out that BTC is on the verge of making its next significant upward movement. The analyst’s projection shows that BTC is preparing for a possible upswing that might see its price rise to hit $92,500 within the month.
Bitcoin Poised For A Major Rally
Over the last day, the price of Bitcoin has been demonstrating positive strength, and several analysts are predicting that it will surpass its current all-time high of $73,000 to set a new one. According to Our Crypto Talk, the largest crypto asset is prepared for the next leg up, which the analyst sees as a path to a potential $92,500 this month.
This optimistic forecast is made in the midst of a good sentiment comeback in the cryptocurrency market, which is reinforced by important technical indicators and favorable market conditions.
Delving into the current price action of BTC, the expert noted that the 3-day chart of the asset is still in a bullish trend and is making higher highs and lows. With greater price lows and lower Relative Strength Index (RSI) lows, the coin is witnessing a large concealed bullish divergence, which is a bullish continuation pattern.
Furthermore, Our Crypto Talk has underscored Bitcoin’s sustained momentum within the $67,000 and $68,000 support range on the daily chart. Should BTC break below the $67,000 support level, it might witness a drop toward $63,000 and $64,000 price levels. However, in the short term, the crypto asset is still neutral while it waits for the next big move.
Meanwhile, on the 4-hour chart, Bitcoin is displaying a symmetrical triangle pattern, with rising support at around $67,200 and falling resistance at $69,100. As a result, the analyst anticipates a breakout on the upside or the downside in about a week.
Specifically, should there be a breakout above the $69,100 resistance level, Our Crypto Talk has placed its next target at $74,000, while a breakout below the $67,200 resistance level could lead to $61,800. Considering all these patterns, the expert is confident that this month’s market is going to be exciting.
Similar BTC Prognosis
Our Crypto Talk’s analysis corresponds with recent insights from popular crypto expert Ali Martinez. The analyst has also highlighted the formation of a symmetrical triangle on BTC’s chart.
According to the analyst, it seems the crypto asset is emerging from the symmetrical triangle. As a result, BTC might reach the $74,400 price level if it sustains a close above the resistance level of $69,330.
At the time of writing, BTC price was trading at around $69,066 and was up by 2% with a market capitalization of over $1.3 trillion up by 2%. Also, its trading volume at $22.89 billion has attracted significant gains of over 104% in the past day.
Featured image from iStock, chart from Tradingview.com