Top Analyst Says, BTC Is Showing A Rare Sign Of Strength
Peter Brandt, an experienced analyst, thinks that Bitcoin (BTC) has more potential to go up now that it has broken out of a “extremely rare” technical pattern.
Brandt tells his 695,200 Twitter followers that Bitcoin is likely to have more rallies after it broke through the resistance of a fulcrum pattern around $19,000.
“The bottom in BTC is a double-walled fulcrum pattern. Extremely rare. The 2X target is mid $25,000s.”
Cheds, another crypto analyst, is also keeping a close eye on the price of Bitcoin at $25,000. The trader talks about his bull and bear scenarios for Bitcoin, arguing that BTC will stay in a macro downtrend until it breaks through resistance at $25,500.
“Bull: Observed the significant blow to bear momentum with bulls breaking back into 150-day range, closing multiple days above 200-day moving average first time since 12/21, and breaking lower high structure on daily.
Bear: price still below 200-week moving average and $25,500 trigger level. Bearish re-test until.”
He also shows a chart that shows the bears’ last line of defense is at $25,500.
“BTC weekly chart.
Bear thesis dead if price flips $25,500.”
Meanwhile, popular crypto analyst Kaleo believes that Bitcoin will easily slice through resistance at $25,500.
“Full send soon, please and thanks. Sometimes it really is that simple… Something like this makes sense.”
