“Bitcoin’s technicals have been nothing short of spectacular, paving the way for a decentralized digital currency revolution.”
Bitcoin has been making waves in the financial world, and according to Michele Schneider, Chief Strategist at Marketgauge.com, it is behaving beautifully from a technical standpoint. It has surpassed the $28,000 and $30,000 levels and is currently facing resistance as it approaches $35,000. However, Schneider believes that as long as Bitcoin holds above the $30,000 level, we could see it reach anywhere between $45,000 and $60,000.
Schneider also notes that Bitcoin’s performance is starting to show a separation from the stock market. Regardless of all the hype surrounding it, Bitcoin’s charts are looking positive, and it is establishing itself as a store of value and experiencing mass adoption.
Switching gears to Coinbase, the popular cryptocurrency exchange, Schneider acknowledges that the stock took a hit last year after reaching its peak alongside Bitcoin. However, she mentions that Coinbase experienced a surge last week following news of a spot ETF, reaching $90 before retracing back to around $70. Schneider sees potential in Coinbase, especially if it can break through resistance levels, with a target price of $114.
In conclusion, Bitcoin’s technicals are looking strong, and if it can maintain its position above $30,000, significant gains could be on the horizon. Additionally, Coinbase may be a stock worth considering, as it has the potential to benefit from positive news and overcome resistance levels.