Cryptocurrency trader Cold-Blooded Shiller outlined a bullish outlook. Bitcoin BTC/USDpoints to technical analysis and market sentiment as key factors in a potential breakout.
what happened: In a Friday update on his YouTube channel, the trader highlighted the significance of Bitcoin's recent price action, particularly the formation of high-low patterns on higher time frames. He noted that Bitcoin continues to challenge the $67,000-$68,000 resistance zone, saying, “This is the first time we're seeing an uptrend structure on a higher time frame.” Ta.
The trader said that while there is no guarantee of an immediate breakout, if Bitcoin rises above the $70,000 level, it could quickly move towards the $77,000 to $80,000 range at the end of the week. It suggests that there is a sex.
He also highlighted the psychological aspects of the market, noting that current sentiment could fuel a breakout. He argues that the lack of hype surrounding Bitcoin and skepticism from past breakout failures could set the stage for an unexpected surge as attention shifts away from Bitcoin and towards meme coins.
Price action: Over the past 24 hours, BTC has traded 2% higher at $68,756, marking a monthly gain of 15%.
Also read: Bitcoin allows companies and governments to save money without exploitation, industry expert says
Why it's important: The trader pointed to additional technical indicators that support his bullish thesis. He said weekly RSI (relative strength index) settings look “extraordinarily strong”, suggesting the correction phase may be over. A move into overbought territory on the daily RSI will be significant considering Bitcoin has not entered this zone for the past seven months.
Cold-Blooded Shiller Reveals Long Position Entry at $60,000, Believing Current Market Conditions Are Technically and Psychologically Unlike Previous Resistance Tests and Could Lead to a Strong Breakout I am doing it.
what's next: The impact of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on November 19th.
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