Crypto trader and analyst Josh Rager believes that Bitcoin is revving up for a fresh breakout to kick off the next leg of the bull market.
In a BlockRoots video, Rager offers his bullish and bearish scenarios for the number one cryptocurrency.
“For me, I not only want Bitcoin to break up here ($11,100) but I want to see it break up above $11,245 and make its way up from there…
Now, I don’t want to see it break down below $10,600 and really there’s a couple of reasons why. One, in particular, in the lower timeframe, is because this area was basically the resistance before.
So, of course, if we break down here and we don’t bounce and we come back down, then we’re going to be back in this entire range right here ($9,800 – $10,600) and that’s not a good thing.
I would expect us to continue to move on down from there if Bitcoin does break back below $10,600.”
The crypto strategist also emphasizes that Bitcoin has managed to put together a meaningful bounce after dropping nearly 20% from this year’s high of about $12,250. From the long-term timeframe, Rager believes Bitcoin will reestablish its bullish tone once it recovers a key level.
“To reclaim this area of $11,100 that even on the weekly chart acted as support, to reclaim that and move on up, hopefully break back above this area above $11,520, to break above there and then continue on up…. That’s going to be super important but probably most of all, we definitely want to see price stay above this area that held us down for so long and that area is actually $10,500 – $10,600.”