- A crypto analyst predicts that Bitcoin could continue its surge to $60k, but also warns that it could fall to as low as $35k when this breakout fails.
- An industry expert also thinks investors can take profit at any point and could be a factor for a reversal which could take the price back to $40k.
The Bitcoin (BTC) price extends its upward move from the $46k recorded on February 9 to $47k following a 24-hour surge of 2.5% and a weekly run of 9%.
According to Coincodex data, the Fear and Greed index of the asset currently “sits” at 74/100, matching the direction of the overall perception or sentiment of market participants which is currently 100/100. This usually signals an impending fall as analysts say – be fearful when others are greedy, and greedy when others are fearful.
However, crypto analyst DonAlt believes that the current spike can continue to $60k. Speaking to his 56,800 subscribers on YouTube, he mentioned that Bitcoin is poised to breach a critical resistance level on its weekly chart, a situation that could propel it to a 32% explosive move.
If this breaks out [of the $43,622 level]on the weekly timeframe, trust it until it fails. If this breaks out, I don’t really see a good reason to be bearish. It just doesn’t make any sense. It’s a strong chart with a clear direction, then you’re betting on higher…And if it breaks out, I think the more likely outcome would be just going higher to the next resistance and the next resistance is $60,000-ish, which would be quite exciting.
Bitcoin Could Also Fail Spectacularly
Interestingly, the analyst issued a sound of caution that this prediction could fail, though not likely. According to him, Bitcoin’s failure to continue its upward trajectory to the predicted price zone could be fatal. In his submission, DonAlt stated that the asset would fail “spectacularly” if the breakout gets rejected as it did with the spot Bitcoin Exchange-Traded Fund. In this case, the asset could fall to around the mid $30,000s, and that could be a perfect point for entry.
$35,000 big support. $45,000-ish big monthly resistance. That’s kind of the boundaries we’re moving in. And I honestly think there’s a good chance that this is going to be where we are going to be for a while…But generally speaking, monthly bullish. If you get a pullback, that’s a buy. The only level that it could pull back to that isn’t in the middle of nowhere, $35,000.
Commenting on the current move of the Bitcoin price, LMAX Digital stated in its note to investors that the asset could be seeking to make a fresh yearly high by hitting $50k. However, crypto ETP specialist at CEC Capital, Laurent Ksiss, warns that early investors could be taking profit at any point, and would force a reversal into the $42,000 or $40,000 level.
Interestingly, crypto analyst Lark Davis believes that Bitcoin can go as high as $150k in the next bull market. Speaking on this, Davis stated that every cycle has a spark. In this case, ETFs could be the spark for the next bull run. However, he also admitted that the market would certainly record a pullback after that. According to him, ETF share buyers would certainly sell when they make about 5 times profits on their investment.
