A popular crypto strategist believes Bitcoin will have a parabolic rally if BTC can reclaim one key level.
The analyst pseudonymously known as Pentoshi tells his 900,700 followers on X that Bitcoin needs to regain the mid-$80,000 range to confirm a new a bullish phase.
“We got the $80,000 push on BTC. Whether this ends up as a macro LH (lower high) is yet to be determined. But long term, I don’t think it’s a bad spot with quite a bit of patience. Right now I think it’s more important to reclaim a prev (previous) level if we want true expansion. For example $84,000-$86,000 area HTF (higher time frame) close for momentum. I’ll likely return to crypto when things look better.”
Meanwhile, pseudonymous trader known as DonAlt suggests Bitcoin will chop around for a while before attempting to break through the next main resistance level on the monthly chart at $82,780.
“BTC seems kind of alright to me. Not bad, not great. Decent reaction to support having been hit, resistance kinda meh from here on out. Might just have to give it some time.”
Pseudonymous trader known as Dave the Wave is also remaining bullish on Bitcoin and maintains his price target of $95,000 in the coming months.
“BTC price looking relatively strong mid the correction. Keep in mind this cycle was more technical in nature as compared to the more parabolic cycle previous.”
Bitcoin is trading for $76,178 at time of writing, flat on the day.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
