Bitcoin experienced a 10% rally this week that lasted for two days. After that, it entered a period of widely anticipated consolidation. As a result, BTC price pulled back yesterday. Data from TradingView shows that the bulls faced resistance at $25,000 on Thursday. This led to a pullback to the $23,600 zone. However, buyers came to bid back above the $24,000 support. As a result, BTC rose to $24,514.
“It is possible for Bitcoin price to rise by 50%”
Crypto analyst Justin Bennett spoke to 11,100 YouTube subscribers about the price of Bitcoin. The analyst says that if the price rises above $24,200, the next target is $26,500. He adds that the next resistance above $24,200 is at $25,000. Then, he states that we can target 25,400, 26,000 and 26,500 levels. But the analyst’s bullish thesis does not end there. Bennett claims that after breaking above $26,500, Bitcoin could appreciate by about 46% from the current price. According to him, after 26,500, we need to reach the level of 30,000 dollars and exceed it. Thus, the Bitcoin price will pave the way for reaching the $38,000 target. In addition, the analyst states that the level that will confirm the bullish thesis will be a daily close at $ 24,200.
“BTC will revisit these support levels”
However, another analyst, Crypto Tony, is not bullish unlike Bennett. Crypto Tony posted a tweet stating where he thinks the price will go in the near term. His post served as a warning to many investors expecting Bitcoin to rise above $25,000. Accordingly, the analyst expects a drop to $23,600 while the price is below the high range. He also adds that a drop to $22,600 is possible if this support level is lost.
“Price trend remains positive”
Friday’s pullback could be defining a short break in Bitcoin’s ongoing uptrend. cryptocoin.com As we reported, BTC has been moving in an uptrend since bottoming out in mid-June. According to crypto analyst Michaël van de Poppe, Bitcoin should manage to hold its support at $23,000. As long as this holds up, the price has a chance of rising to the $28,000 to $30,000 range in the near future. Additionally, according to Poppe, BTC price remains in an uptrend despite the recent corrections.
“Bitcoin volume profile signals rally”
According to independent trader and analyst Jonathan Morgan, the volume profile between $24,000 and $30,000 is very thin. It is also possible to find evidence of such a strong bullish probability by looking at the volume profile for Bitcoin. “The Thin-Volume profiles act as a kind of vacuum, pulling prices from one high-volume node to the next high-volume node,” the analyst said. says. He then suggests that it is easier for BTC price to move higher than it is to fall. According to him, as the price continues to rise, it will accelerate its rise in an extraordinary way.
