“Renowned trader predicts Bitcoin’s upward trajectory to continue as it breaks through crucial resistance, setting its sights on an impressive target.”
A well-known crypto trader believes that Bitcoin’s recent rally still has room to grow. The trader, known as The Flow Horse, predicts that Bitcoin could see another 25% increase before hitting resistance. The trader points to Bitcoin’s clean break of the $32,000 level as evidence of a potential upward trend.
“When I zoom out, I have a hard time not seeing Bitcoin hitting at least $39,000 in the short term. We broke out of a multi-quarter range, and have put plenty of people in a position of discomfort, wondering if they should chase or not. It would be a rare occasion for this to not persist a little bit more before finally baiting people in at the worst possible spot.”
The Flow Horse also mentions that the strength of the crypto market could be affected if something major happens in the traditional financial markets. However, he notes that equity markets have already corrected significantly without causing much impact on crypto.
At the time of writing, Bitcoin is trading at $34,189.
Please note that the opinions expressed in this blog are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.