A closely followed crypto analyst and trader is predicting an epic rally for Bitcoin (BTC) that can push the value of the king crypto at least 30% higher from its current price at around $61,000.
The pseudonymous analyst known as Altcoin Sherpa tells his 137,800 followers the key levels to watch as Bitcoin pulls back from its all-time high of $67,276.79.
“I think that there should be some decent support around this area. This $60,000 area, $59,000 area was an S/R flip (resistance to support) as you can see all throughout here (March to May 2021). Resistance, resistance, resistance. Now it can be flipped to support. If this area breaks through, I expect still there to be quite a bit of support all throughout $54,000 to $57,000 or $58,000… If you also look at lower timeframe charts, the 200 EMA (exponential moving average) on the four-hour [chart] is right around this $55,000 area. So again, this area should be pretty strong support.”
Altcoin Sherpa says that he expects Bitcoin to put in a bullish higher low setup before the leading cryptocurrency can ignite its next leg up.
“I still believe Bitcoin will go to all-time high levels. I’m convinced it will break all-time high levels… I’m expecting $80,000 or something or even higher in the next few weeks. [I] still feel really confident on BTC/USD. In short, I would put some bids all throughout $54,000, and I’m just expecting some sort of higher low to form and then a break up.”
According to the crypto analyst’s chart, Bitcoin could record a new all-time high in November before rallying to $80,000 or higher by early December.
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Featured Image: Shutterstock/Tithi Luadthong