A widely followed crypto analyst says Bitcoin (BTC) is gearing up to hit a new all-time high (ATH) if it can break above a crucial resistance zone.
In a new strategy session, pseudonymous crypto trader Inmortal tells Its 216,300 subscribers on social media platform
“Breakout above $64,000 = New ATH.”
The trader continues participation that the latest crash of the flagship digital asset, which saw it fall from around $66,000 to $60,000 from September 29 to October 2, “feels” like a local bottom is being formed.
Him then notes that he is only interested in going long BTC in two places: around the $60,000 level if BTC exhibits a swing failure pattern (SFP) – a reversal indicator where the price of an asset briefly surpasses previous highs or lows – or if it accepts above $63,000.
Kaleo, another closely followed crypto analyst, say he believes the crypto king will drop to around the $57,000 or $58,000 price tag before eventually changing course.
He says BTC will rise higher in the coming month until the presidential election is over, and then will be “full send.”
“Bitcoin. It still looks like a quick bite to $57,000 or $58,000, followed by a surge the rest of the month to a full post-election bounce.
According to Kaleo, even though BTC could fall, traders should not let this deter them accumulate during this dip.
Bitcoin is trading at $61,948 at the time of writing, up 2.1% over the past 24 hours.
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