A popular crypto analyst and trader says Bitcoin (BTC) could make a new all-time high (ATH) if it breaks out of a major range.
Pseudonymous Cryptocurrency Strategist Credible Crypto To tell His 386,200 followers on social media platform X claimed that Bitcoin could surge after clearing resistance in the $68,000 to $70,000 range.
However, the trader warned that if Bitcoin fails to break out of that important range, it could see a significant decline.
“A nice reversal from that zone. The remaining bids are now being withdrawn. $68,000 to $70,000 is the 'trouble' zone we need to be careful of at the moment.” If you reject it there, it could go back to the lows again. If we break out of that zone, we will likely head towards new highs. Let's see how things develop. ”
Analyst believe Bitcoin is likely to break through a key resistance range and hit new highs after the leading digital asset rose on Thursday.
“My main expectation for BTC at this point is for domestic supply to form a good range between $68,000 and $70,000, and then expand to new highs. The only thing that supports the idea but goes against it right now is that spot premium is back for the first time since $50,000.
If spot bidding continues, it may not be rejected here. However, if the spot premium runs out of supply and is again replaced by an indefinite futures premium, it indicates that: [chart] The scenario is even more likely to play out. ”
Looking at his charts, the analyst said that if Bitcoin faces rejection in the $68,000 to $70,000 range, it could fall to around $63,000, before rising and resisting. This suggests that there is a possibility of breaking through the line.
At the time of writing, Bitcoin was trading at $68,056, up nearly 4% in the past 24 hours.
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