A popular crypto strategist believes Bitcoin will have a parabolic rally if BTC can regain one key level.
The analyst, pseudonymously known as Pentoshi tells his 900,700 followers on
“We’ve gotten the $80,000 push on BTC. Whether this ends up as a macro LH (lower high) remains to be determined. But in the long term, I don’t think it’s a bad place with quite a bit of patience. Right now I think it’s more important to regain a previous (previous) level if we want real expansion. For example, a $84,000-$86,000 area HTF (higher time frame) closing for momentum. I’ll probably return to crypto when things look better.”
Meanwhile, a pseudonymous trader known as DonAlt suggests Bitcoin will hang around for a while before attempting to break the next resistance level on the monthly chart, at $82,780.
“BTC seems pretty good to me. Not bad, not great. Decent response to support hit, resistance is a bit meh as of now. Maybe I just need to give it some time.”
So is the pseudonymous trader known as Dave the Wave other bullish on Bitcoin and maintains its $95,000 price target in the coming months.
“BTC price is looking relatively strong in the middle of the correction. Keep in mind that this cycle was more technical in nature compared to the more parabolic cycle before it.”
Bitcoin is trading at $76,178 at the time of writing, flat on the day.
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Generated image: Midjourney
Credit : dailyhodl.com
