A Crypto Trader Believes Bitcoin Has More Upside Potential
A popular crypto trader suggests that Bitcoin’s recent surge still has room to grow, setting a specific price target for the near future. The trader, known as The Flow Horse, shares on social media platform X that based on a long-term chart analysis, Bitcoin could potentially rally another 25% before encountering resistance.
The trader points to Bitcoin’s successful breakout above the $32,000 level as an indication of a potential upward move for the leading cryptocurrency. The Flow Horse believes that Bitcoin could reach at least $39,000 in the short term.
However, the trader acknowledges that any unexpected events in traditional financial markets could disrupt the strength of cryptocurrencies. So far, equity markets have undergone significant corrections without greatly impacting the crypto market.
Bitcoin’s Current Price and Conclusion
As of now, Bitcoin is trading at $34,189. Despite the recent rally, The Flow Horse believes there is more potential for upside in Bitcoin’s price. However, external factors in traditional financial markets could pose a risk to the crypto market’s stability.
Hot Take: Bitcoin’s Rally Expected to Continue
According to a well-known crypto trader, Bitcoin’s recent breakout and clean break of critical resistance indicate that its rally is not over yet. The trader predicts a potential 25% increase in Bitcoin’s price before facing significant resistance. This optimistic outlook is supported by the successful breach of the $32,000 level. However, unforeseen events in traditional financial markets could affect the overall stability of cryptocurrencies. As of now, Bitcoin is trading at $34,189.
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