Crypto Rover Predicts Potential Price Breakout for Bitcoin (BTC) based on Chart Analysis
Crypto News – In a recent post, cryptocurrency trader and analyst Crypto Rover made predictions regarding Bitcoin’s (BTC) price movement in the upcoming 5-10 weeks. Based on their analysis, they revealed the formation of a symmetrical triangle on Bitcoin’s chart, indicating a potential breakout in the near future. According to Crypto Rover, a downside break could see the cryptocurrency’s price dropping to as low as $12,000, while they also expressed a bullish target for the breakout at $63,000.
Over the past 24 hours, Bitcoin saw a 1.10% increase in price, bringing it to $27,688.24, as per CoinMarketCap data at the time of writing. This recent gain contributes to Bitcoin’s positive weekly streak, with a 4.65% increase in price over the last 7 days.
From a technical perspective, a positive price channel has formed on Bitcoin’s daily chart in recent weeks. During this period, the cryptocurrency has consistently set higher highs and higher lows. Currently, it is striving to surpass the $27,915 resistance level. If Bitcoin manages to close a daily candle above this threshold within the next 48 hours, it could continue trading within the bullish price channel, potentially reaching as high as $29,210 in the following week. Conversely, failing to do so may result in a correction to the immediate support level of $26,915.
Investors and traders should take note of a significant medium-term bullish technical flag that is on the verge of being triggered. At present, the 20-day EMA line is attempting to cross above the 50-day EMA line, suggesting a positive shift in Bitcoin’s momentum. If these two technical indicators cross in the next few days, it may indicate that buyers are gaining the upper hand on Bitcoin’s daily chart, providing the necessary support for the cryptocurrency to rise to the aforementioned $29,210 mark.
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