Analyst Comments on Bitcoin (BTC): “If This Level Is Exceeded, $ 30,000 Can Come Quickly!”

According to Trader Jake Wujastyk Bitcoin (BTC) on the verge of an aggressive move.

Bitcoin Has A Volume Gap, According to Analyst

Analyzing the potential moves of BTC in a tweet, Wujastyk claimed that this cryptocurrency has entered a volume gap and has the potential to make an aggressive move to the breakout supply region of $29,250-30,400.

Wujastyk’s analysis shows that BTC is currently in a symmetrical triangle formation that is neutral in nature. According to the analyst, the future direction of Bitcoin remains uncertain until the daily close is above or below this formation.

#Bitcoin Price entering the volume gap.

Potential aggressive move through this area to the breakeven supply zone from $29,250-$30,400.

More details:https://t.co/g855Zy1WOX pic.twitter.com/UwfbRJ5Dl5

— Jake Wujastyk (@Jake__Wujastyk) February 19, 2023

While Wujastyk does not trade crypto, he frequently checks Bitcoin’s movements as it serves as a risk indicator for the overall markets.

On the daily chart, BTC is currently testing the previous pivot area where it reversed in August. According to Wujastyk, it was nearly rejected at August’s highs, but caught a strong candle on Friday.

Wujastyk believes that if BTC breaks above $25.344 on the daily candle, it can quickly rally as high as $30,000, which is an important area on the supply and demand side.

At the time of this writing, BTC price is trading at $24,447, with a 0.65% drop in the last 24 hours.

Wujastyk’s analysis argues that if BTC is able to hit volume relative to price, it could quickly pass through the volume gap as there aren’t many participants in this space who own BTC, leaving a gap for price to move quickly.

*Not investment advice.