Bitcoin breaks above $24,000 as positive sentiment pushes BTC higher.
Analysts say BTC remains in “danger zone” unless bulls break and hold $25k.
IntoTheBlock analysts suggest the next major target could be $30,000.
Bitcoin broke above the $24,000 level, soaring a massive $4,000 candle in just over 24-hours to leave bulls targeting a new breakout above $25,000.
In our Bitcoin price prediction article this morning, we highlighted an analysis by popular crypto analyst Rekt Capital. In it, the analyst simply pointed to Bitcoin price having invalidated a double top formation when it rallied from under $20,000 to a weekly close above $21,770.
According to the analyst’s technical outlook for BTC, a break higher was likely given the retest of range lows on the daily chart.
While he suggested a continued range consolidation, he pointed to the potential for bulls to break higher. That came sooner as BTC forced its way above $24,000 amid a spectacular bounce for cryptocurrencies after last week’s sharp declines. But can Bitcoin maintain this upside momentum? Here are what some analysts are saying:
Bitcoin price spikes above $24K – analysts share technical outlook
At current prices, Bitcoin is about $500 “from challenging the macro downtrend,” Rekt Capital has noted. If this happens, BTC could be poised for a huge breakout – possibly with a new macro uptrend in the picture on the monthly chart.
“BTC Monthly RSI looks like it has successfully retested the 2015 & 2018 Bear Market Bottom area as new support,” he added in another tweet.
According to the analyst, Bitcoin still needs to break the macro downtrend line at $25k for a technical breakout in March. Maintaining the positive outlook could see BTC break the macro downtrend in April with breakout price point around $23,400.
The Macro Downtrend #BTC breakout price for the month of March is ~$25000
But in April, the $BTC Macro Downtrend breakout price will be ~$23400
If BTC keeps this up heading into April, it will register a technical breakout just by maintaining the highs#Crypto #Bitcoin pic.twitter.com/9VWI54oql4
— Rekt Capital (@rektcapital) March 13, 2023
Like Rekt Capital, crypto analyst Altcoin Sherpa suggests bulls aren’t completely out of the woods yet. For him, the price needs to break above and hold support at $25,000. If not, BTC remains in “a danger zone.”
“BTC: Some high time frame resistance areas, I view this current area as a danger zone. 1W 200 EMA + S/R level that price couldn’t break over a few weeks. If we flip $25k soundly, I think we blitz to 30kish areas.”
$BTC: Some high time frame resistance areas, I view this current area as a danger zone. 1W 200 EMA + S/R level that price couldn’t break over a few weeks. If we flip $25k soundly, I think we blitz to 30kish areas. #Bitcoin #BTC pic.twitter.com/dpcRWPf0M1
— Altcoin Sherpa (@AltcoinSherpa) March 13, 2023
According to IntoTheBlock, Bitcoin faced a significant hurdle in the $22,650- $23,325 region after bulls’ strong bounce in the $19,000 area. This supply zone coincided with a zone where 1.14million addresses had acquired BTC, with the average price around $23,022.
But after the swift bounce above this level, on-chain data suggests the next major target is $30,000.
It looks like everyone took this as a challenge. $BTC ran past $23k and all eyes are slowly focussing on $30k https://t.co/CnwF5p8pDW
— IntoTheBlock (@intotheblock) March 13, 2023
The post Bitcoin breaks above $24K as analysts predict what next for BTC appeared first on CoinJournal.