The Crypto Market is Pumping!π
Bitcoin broke resistance and is moving towards $31,000 and the Altcoins are following! But is this a Bull Trap?
Happy Monday Everyone!
The crypto market is pumping! It is great to see green back on the charts again!
How High will the Price of Bitcoin go? π
Iβm cautiously optimistic on this pump until Bitcoin crosses $32,000 as this is a key psychological resistance. The bearish scenario is that Bitcoin could get rejected at or slightly above $31,000 and end this rally.
However, I believe it is more probable that Bitcoin continues higher and tops out around $40,000. Once BTC tops the liquidity will flow to the Altcoins and we may see a nice little altseason.
Here are what other analysts are saying.
Analyst Crypto Birb has a breakout target of $39,000-$40,000 but also highlights BTC needs to cross $32,000 first.
Pentoshi is also highlighting the bear and bull scenaios on his charting, highlighting a reclaim of $32K would send us to $40K but a rejection around $31,500 would send us down back to the $25K range.
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π£οΈNarratives to send Bitcoin to $40K
Inverse Cramer π - it never fails, since Jim Cramer said βMr. Bitcoin is going down bigβ earlier this month BTC has rallied higher.
Bitcoin Spot ETF Approvals - Grayscaleβs victory over the SEC in its appeal, Gary Gensler seeming timid in an interview last week saying the SEC staff is reviewing the applications, also BlackRock and other filers updating their application all point to an approval soon. Markets are forward looking and maybe pricing in the approval of the ETFs.
Bitcoin Halving - While we maybe 6 months our from the Bitcoin halving, it is still a significant news item which generating a lot of interest in Bitcoin again.
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-Tony