Bitcoin's uptrend continues as the leading cryptocurrency by market capitalization broke the $23,000 resistance to kiss $24,167 on Thursday. Also, there has been a substantial increase in the daily trading volume of the asset since 2023 began.
Per a tweet, the veteran crypto trader and investor Peter Brandt shared a fresh bullish outlook for BTC, citing that the asset is heading to $25,782 having flashed a rare uptrend signal.
According to Brandt, a trader with over 40 years of experience, bitcoin took out the critical $19,000 resistance which depicted a fulcrum pattern.
Based on this, he stated that it is very likely for bitcoin (BTC) to see more rallies having taken out different key resistances as seen on the chart.
Peter Brandt tweeted:
“The bottom in $BTC is a double-walled fulcrum pattern. Extremely rare. The 2X target is mid 25,000s.”
In the same vein, another widely followed crypto analyst Ched shared his bullish and bearish scenarios for Bitcoin (BTC). According to Ched, $25,500 is a critical price level to watch.
He noted that Bitcoin's bullishness would be validated only when it overcomes the resistance at $25,500. "Bears thesis is dead if BTC flips $25k," he tweeted.
On the other hand, Ched predicts the top-ranked cryptocurrency to enter into a macro downtrend if it fails to flip $25,500.
Here is what he wrote:
Bull: Observed the significant blow to bear momentum with bulls breaking back into 150-day range, closing multiple days above DMA 200 first time since 12/21, and breaking lower high structure on daily
Bear: price still below WMA 200 and 25.5k trigger level. Bearish re-test until
On the whole, several expert crypto analysts assert that bitcoin will easily break the $25,500 resistance and continue to rally. Particularly, economist Alex Kruger expects BTC to surge by over 40% from its current price, and touch the $30,000 and $35,000 zone in the near term.
At the time of writing, Bitcoin is exchanging hands at $23,400 with a decline of 1.71% in the last 24 hours.
Posted Using LeoFinance Beta
It's funny how these gurus change targets. Not so long ago Brandt was tweeting quite often about a potential $10k BTC.
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