A trio of popular crypto analysts believes Bitcoin (BTC) is due to break out this week, but they all say the rally won’t likely happen in a straight line.
Pseudonymous crypto strategist Credible tells his 337,500 Twitter followers that he sees Bitcoin finally breaking out of its immediate resistance at $25,000 but only after BTC revisits support near $22,000.
“No change to this idea – still looking for a move down to GREEN or at least the swing low denoted by the RED X here before continuation to the upside to $25,000+.”
At time of writing, Bitcoin is changing hands for $23,185. A move to Credible’s pullback target of $22,000 suggests a 5% downside risk for BTC.
Another widely followed crypto analyst also sees BTC taking a slight dip before igniting a rally to the upside. Smart Contracter tells his 210,300 Twitter followers that Bitcoin could correct to $22,500 before surging above $25,000 this week.
“BTC triggered a false breakout/fakeout setup for me last week closing back into prior breakout range causing me to close my longs. Since then, it has made a full recovery to a new high in a clear five waves.
Once again, [I’m] looking to buy any pullback to $22,500 early in this new week.”
Fellow crypto strategist Inmortal also shares a similar outlook on BTC. However, the crypto trader expects the pullback to be slightly deeper to around $21,700, representing a 6% downside potential for BTC from current prices.
“Roughly speaking, this is the BTC plan for this week.”
As for his target this month, Inmortal says that Bitcoin could soar to as high as $27,000 before August expires.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/DenisKrivoy/CreativeJourney
Credit: Source link