Popular crypto analyst Crypto Rover recently shared a YouTube video showing Bitcoin showing a very specific and rather rare signal that has previously preceded significant price gains. When this signal was last seen, Bitcoin jumped to $72,000. In his video, Rover focuses on this signal and explains the important resistance levels that BTC is nearing.
Bitcoin has been moving in a range that can be described as critical, identified earlier by Crypto Rover. The short term outlook for Bitcoin is that the digital currency is battling to break a major prior level in the market, that had formed a double top in the past. This resistance is critical, and the recent efforts to penetrate it have been reversed. Concerning the market as it approaches the weekend, there is a high chance of Bitcoin establishing a CME Gap, but this is not considered to be a problem.
Bitcoin Potential Breakout
Bitcoin has been on the rise in the past weekends, which is rather unusual for the given period. If Bitcoin gets a break above the present resistance level, this may initiate a huge price surge. As can be seen from the chart, the previous resistance has become support and that suggests that the market is likely to recover and possibly continue the upward trend.
Rover expects BTC to test the $72,000 level and has a target of $74,000. This range could be considered as the range high and to some extent the all-time high for BTC. If BTC manages to close above these levels, then an exponential rise towards new record high prices is possible, which is price discovery.
Crypto Rover also explained his approach, and he entered a long position in BTC at the bottom of the range. His first take-profit target is at $72,000 whereby he will be taking out half of his position. If BTC goes up to $88,000, he plans to close the trade and take his profit which could be $800,000 from just this trade.
Bitcoin Surge To $100K?
The analyst also pointed to recent inflows into Bitcoin ETFs and said that, although BlackRocks’s Bitcoin ETF has seen modest inflows, the Ethereum ETF has been reporting outflows for two days in a row. Furthermore, he mentioned that Mt. Gox sold 66% of the BTC and after the distribution is done, there would not be much selling pressure that could slow down the bits price appreciation.
Stressing on the importance of the MACD signal which has generated a buy signal in the three-day timeframe, Crypto Rover pointed out that similar signals in the past have been followed by huge rallies. They were sure that the BTC is again ready for a new important upward movement, especially when the cryptocurrency crosses those crucial borders.
Crypto Rover painted the picture of a possible large scale breakout backed up by past trends and current indicators. He still has positive sentiments towards Bitcoin especially in the post-halving consolidation and as it approaches critical levels. This confluence of events, he said, creates the conditions for BTC to hit $100,000 in the near term maybe.