Eye On $91,500: Key Bitcoin Level Could Trigger Massive Surge, Analyst Warns
30 Maio 2024 - 3:55AM
NEWSBTC
In a technical analysis shared by noted crypto analyst Josh
Olszewicz on the social platform X, there appears to be a
significant bullish sentiment building around Bitcoin, particularly
if it surpasses the crucial $72,000 mark. Olszewicz, leveraging
both the Ichimoku Cloud and Fibonacci extensions, illustrates a
scenario where breaking this key resistance level could catapult
Bitcoin towards a target of $91,500. Here’s How Bitcoin Could
Skyrocket To $91,500 The analysis utilizes the Ichimoku Cloud, a
complex technical indicator that provides insights into the
market’s momentum, trend direction, and potential areas of support
and resistance over different time frames. Currently, Bitcoin’s
price action is depicted as being in a bullish phase, situated
above the cloud. This positioning above the cloud is traditionally
viewed as a bullish signal, suggesting a strong uptrend with robust
support levels formed by the cloud’s lower boundaries. In the
Ichimoku setup, the conversion line (Tenkan-sen) and the baseline
(Kijun-sen) cross occasionally, providing buy or sell signals based
on their intersection relative to the cloud. As of the latest
chart, the conversion line recently crossed above the baseline,
reinforcing the bullish outlook depicted by the cloud’s
positioning. Related Reading: Mt. Gox Bitcoin Transfer: CryptoQuant
Analyzes Potential Market Effects Of The $9.4B Movement Adding
another layer to the technical narrative, Fibonacci extension
levels have been plotted from a significant low at $56,485.87 up to
a high, providing potential targets and resistance levels. The 0.5
Fibonacci extension level is marked at $63,727.40, already
surpassed by the current price trajectory. The 1.0 extension finds
itself at $71,897.29, closely aligning with the analyst’s noted
pivotal level of $72,000. Beyond this, the 1.618 extension at
$83,456.87 represents a lucrative first price target, while the
ultimate 2.0 extension looms at $91,513.53. A key observation is
the volume profile, which shows a declining trend in trading
volume. This decreasing volume can often indicate a period of
accumulation, as less selling pressure allows prices to stabilize
and potentially build a base for an upward breakout. The declining
volume trend line underpins the consolidation phase seen in recent
months, suggesting that a sharp movement could be imminent once
accumulation concludes. Related Reading: Whales Push Bitcoin Into
Narrow Consolidation Range: What To Expect Next Olszewicz’s
emphatic remark, “BTC: when this baby hits $72k you’re going to see
some serious shit,” underscores the high stakes associated with
this resistance level. This is not merely a technical observation
but a signal to the market that once $72,000 is decisively broken,
the path to much higher levels becomes increasingly probable. Such
a breakout would likely activate a flurry of trading activity, as
both retail and institutional investors might see it as a
confirmation of a sustained upward trend, potentially pushing the
price towards the $91,500 mark indicated by the 2.0 Fibonacci
extension. At press time, BTC traded at $67,783. Featured image
created with DALL·E, chart from TradingView.com
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