Bitcoin Prepares for 30% Surge: $48,000 or $90,000? 🚀

The Potential Next Move for Bitcoin: A 30% Surge to $48,000 or $90,000

Analyst Josh from Crypto World recently shared his insights on Bitcoin’s current price trajectory. Despite the prevailing market conditions, Josh remains optimistic about Bitcoin’s long-term outlook. He highlighted a signal that emerged nearly a month ago, indicating an imminent move in Bitcoin’s price.

This anticipated move could materialize at any moment, resulting in a 30% surge that could see Bitcoin reaching either $48,000 or soaring up to $90,000.
To determine the direction of this potential movement, it is essential to monitor for a breakout above the resistance level or a dip below the support level. The overall bullish trend suggests a higher probability of a bullish move.

Bitcoin’s Immediate Future

Upon analyzing the daily Bitcoin chart, it is evident that Bitcoin is currently trading within a range-bound pattern, oscillating between a support level of $67,000 to $68,000 and a resistance level of $72,000 to $74,000. This indicates a relatively neutral short-term perspective.

A breach above the $72,000 to $74,000 range, close to the all-time high, would signify a continuation of the bullish trend, hinting at a significant upward momentum.
Furthermore, the 3-day Bitcoin chart reveals a potential inverse head and shoulders pattern, which is considered a bullish indicator if it manages to break above the neckline around $71,700. Confirmation of this breakout, particularly with a 3-day candle closing above $73,000 to $74,000, could set a bullish target of $86,000 to $87,000.

Potential Scenarios if Bears Take Control

In a scenario where Bitcoin experiences a decline below $67,000, there is a likelihood of a further drop to the $63,000 to $64,000 range. A decisive breach beneath this level, especially below $60,000 to $61,000, could signal a bearish trend, potentially pushing Bitcoin towards $50,000.

Notably, the daily chart indicates that the US Dollar Index (DXY) is currently undergoing a short-term rebound, which could serve as a bearish indication for Bitcoin and the broader crypto market in the near term.
In general, a strengthening trend in the DXY typically exerts downward pressure on Bitcoin and other cryptocurrencies, while a weakening DXY trend often bodes well for the crypto market.