Closely followed crypto analyst and trader of the crypto money world, bitcoinHe explained that he is convinced of the idea that Bitcoin (BTC) is preparing for a rally that could increase its value by at least 30%. So where are the levels that the famous analyst and trader is watching?
Altcoin Sherpa In his new post, which he shared with his close to 138,000 followers, the analyst, known by his nickname, talked about the important levels to watch as Bitcoin continues to fall from its all-time high of $67,276.
“I think he needs to hold a good support area in this area. This $60,000 field could be the $59,000 field. The cycle we see here also took place between March and May 2021. S/R cycleydu (support-resistance loop). Resistance, resistance, resistance… This resistance can evolve into a support. If this area breaks I think there will still be support between $54,000 and $57,000 or $58,000. If you also look at the shorter time charts, the 200 EMA (exponential moving average) on the four-hour chart is very close to just around this $55,000 area. well $55,000We can say that this level is a very strong support area ahead.”
According to analyst Bitcoin (BTC) it needs to “prepare” itself at the lows before preparing for a new rally.
“I think Bitcoin is still in a position to hit all-time highs again. I believe that now… I expect $80,000 and even more in the next few weeks. (I) still feel confident about BTC/USD.”
According to the crypto analyst’s chart, Bitcoin could record an all-time high in November before hitting $80,000 or higher in early December.