Bitcoin Faces Potential 30% Move: Will It Reach $48,000 or $90,000?
The post Bitcoin Faces Potential 30% Move: Will It Reach $48,000 or $90,000? appeared first on Coinpedia Fintech News
Analyst Josh of Crypto World took to his latest analysis video and explained Bitcoin’s current price trend. Despite the current market conditions, the analyst remains bullish on Bitcoin’s larger trend. He said that it’s been nearly a month since the current signal appeared, indicating a move in Bitcoin’s price is likely soon.
This move could happen any day now. A 30% move could take Bitcoin down to around $48,000 or up to around $90,000. Determining the direction of this move involves watching for either a break above resistance or below support. The larger bullish trend suggests a bullish move is more probable.
What’s next for Bitcoin?
Examining the daily Bitcoin chart, Bitcoin is currently trading within a choppy sideways range, between a support area of $67,000 to $68,000 and a resistance area of $72,000 to $74,000. This indicates a relatively neutral short-term outlook. If Bitcoin breaks above $72,000 to $74,000, close to the all-time high, it would signal a likely continuation of the bullish trend, pointing towards a significant upward move.
Currently, the 3-day Bitcoin chart shows a potential inverse head and shoulders pattern, a bullish signal if it breaks above the neckline at around $71,700. Confirmation of this breakout, ideally with a 3-day candle close above $73,000-$74,000, would activate a bullish target of $86,000-$87,000.
What if the bears take over?
On the other hand, if Bitcoin drops below $67,000, it could fall further to the $63,000 to $64,000 range. A break below this level, especially below $60,000 to $61,000, would signal a bearish trend, potentially pushing Bitcoin down to around $50,000.
However, the daily chart shows the US Dollar Index (DXY) is experiencing a short-term bounce, a potential bearish signal for Bitcoin and crypto in the short term. A bullish trend in the DXY is typically bearish for Bitcoin and crypto. Conversely, a bearish DXY trend is usually bullish for Bitcoin and crypto.
