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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: BTC/USD Nears Critical Resistance Level, $73k ATH Incoming?
Sep 28, 2024 at 01:05 pm
Bitcoin (BTC) is showing strong signs of a bullish trend on its chart. As the price edges closer to key liquidity levels, there's potential for a
Crypto analyst Josh of Crypto World maintains a bullish outlook on Bitcoin, highlighting key resistance levels and the potential for a short squeeze in the coming days.
According to Josh, the Bitcoin price is nearing a critical resistance level, and a breakout from this level could trigger a larger, long-term bullish trend. The analyst mentioned that $68,000 is a crucial level as it represents a descending line of resistance and a previous high. If the price manages to close above this, the next target is the all-time high of $73,000 to $74,000.
However, if Bitcoin fails to break through the $68,000 level on its first attempt, it could face a short-term pullback. In this case, support is expected around $64,000 to $63,000.
For a more extended bull run to take shape, Bitcoin needs to break past the $68,000 resistance and confirm this breakout. Once confirmed, the price structure would be significantly bullish, potentially pushing the price toward new all-time highs in the coming weeks or months. If Bitcoin clears this level, a major bull run could be on the horizon, with targets set beyond the $73,000 mark.
Relative Strength Index (RSI) is entering the overbought zone, indicating that the price may face some resistance soon, especially in smaller time frames. The price is currently trading above the crucial $66k levels and analysts are positive that this might be the beginning of a bull run.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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