Josh, a prominent figure in the crypto world, has recently analyzed Bitcoin‘s (BTC) current price trend and remains optimistic despite the challenging market conditions. He highlighted a significant signal from last month that suggests an imminent substantial change in Bitcoin’s price.
What Signals a 30% Break?
Josh foresees a potential 30% movement in Bitcoin’s value that could either decrease to around $48,000 or increase to approximately $90,000. This anticipated shift hinges on whether Bitcoin successfully breaches its resistance or drops below its support levels. The analyst suggests that a stronger upward trend makes an upward move more likely.
Currently, Bitcoin is experiencing choppy and mostly sideways trading on the daily chart, fluctuating between a support level of $67,000-$68,000 and a resistance level of $72,000-$74,000. This indicates a neutral short-term perspective. Josh asserts that surpassing the $72,000-$74,000 resistance range, which is near the all-time high, would likely trigger a notable upward move, continuing the bullish trend.
How Could Inverse Head and Shoulders Impact?
The 3-day Bitcoin price chart reveals a possible inverse head and shoulders pattern, typically a bullish indicator. To confirm this pattern, Bitcoin must break above the neckline at around $71,700, ideally with a 3-day candle close above $73,000-$74,000, potentially driving the price up to $86,000-$87,000.
On the other hand, if Bitcoin dips below the $67,000 support level, it could fall further to the $63,000-$64,000 range. A more significant decline below the $60,000-$61,000 mark would suggest a bearish trend, potentially bringing Bitcoin’s price down to around $50,000.
Concrete Market Insights
– A 30% movement in Bitcoin is anticipated, either upwards or downwards.
– Key support levels are $67,000 and $63,000-$64,000.
– Resistance levels to watch are $72,000-$74,000.
– An inverse head and shoulders pattern could push the price to $86,000-$87,000 if confirmed.
– Monitoring the US Dollar Index (DXY) is crucial as its trends often correlate inversely with Bitcoin’s price.
Notably, Josh mentioned that a short-term bounce in the US Dollar Index (DXY) could indicate a bearish trend for Bitcoin and the broader cryptocurrency market. Typically, a rising DXY correlates with a bearish trend for Bitcoin and altcoins, while a falling DXY usually signals a bullish trend for the cryptocurrency market.
