A crypto analyst, who is closely followed in the crypto world, shared his views on what it takes for Bitcoin (BTC) to rise to $ 58,000 amid uncertain conditions.
In a new strategy session, analyst nicknamed Cred said, crypto marketsHe thinks that three macro factors affect the investor sentiment in
The first factor is the Federal Reserve’s “hawkish stance,” which includes potentially reducing asset purchases and raising interest rates to combat inflation. Cred did not neglect to mention the increasing tension between Russia and Ukraine and the energy crisis in Europe.
While Cred says uncertainty is the current narrative, he believes there are two scenarios where Bitcoin could still rally strongly.
According to the first scenario,
“For the continuation of the bull market, we need to see a breakthrough where it converges and these converging resistance levels ($43,000 – $47,100) and that should happen on at least the weekly timeframe. power through resistance or too high [58.000 dolar] I expect a shallow retracement before a push towards the range. Or waiting for some kind of impulsive breakthrough. If we go through a period of consolidation and it doesn’t give you another pullback and it doesn’t go straight up.”
Bitcoin (BTC)Even if BTC fails to break through its immediate resistance soon, Cred believes it could still ignite a surge provided BTC forms a higher low.
“In terms of market structure, yes, the nearest level is around $40,000 daily… But if we release this candle a bit or just use the weekly time frame, we can wait for $38,000 before taking a resistance test and then target $58,000.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.