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Cryptocurrency market recently shows more hope for a rise. Bitcoin (BTC) has caught the market’s attention by surpassing the $63,000 level. Cryptocurrency expert TradingShot mentioned that Bitcoin needs to surpass certain levels to confirm its long-term bullish trend. Additionally, Michael van de Poppe also has evaluations for Bitcoin.
Short-Term Buying Pressure and Targets for Bitcoin
TradingShot noted that Bitcoin’s recent surpassing of this significant resistance level indicates strong short-term buying pressure. Bitcoin is currently in the third upward leg within a descending channel formation. The first two upward legs saw gains of 24.20% and 27.38%. Based on this formation, the current upward leg is projected to achieve a 30.49% increase.
In line with this analysis, TradingShot set a target of $69,500 for Bitcoin. This target is crucial for confirming Bitcoin’s long-term bullish momentum. The expert emphasized that surpassing the Resistance Zone in March would provide the necessary long-term bullish confirmation and potentially pave the way for higher gains in the future.
Market’s Optimistic Expectations
TradingShot’s view aligns with another crypto analyst Michaël van de Poppe’s optimism about Bitcoin reaching new record levels in the third quarter. Poppe stated that maintaining a price above $60,000 is critical for Bitcoin to continue its positive trend.
Bitcoin’s recent price movements were also supported by external factors. The market is recovering from the downtrend caused by Mt. Gox repayments and the German government’s decision to liquidate Bitcoin holdings. The news of a failed assassination attempt on former US President Donald Trump, who now adopts a pro-crypto stance, also positively impacted Bitcoin’s price.
As of the latest data, Bitcoin is trading at $63,905, reflecting a daily gain of approximately 1%. Over the past week, the cryptocurrency has risen by about 10%. The next significant level Bitcoin needs to reclaim is $65,000, a crucial resistance point on the way to $69,500.
