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Crypto World’s Josh analyzed Bitcoin’s (BTC) current price trend and expressed a positive outlook despite current market conditions. He emphasized that a significant signal that emerged about a month ago indicates an imminent major move in Bitcoin’s price.
30% Break Prediction
Josh believes this move could happen at any moment, potentially leading to a 30% break in Bitcoin’s value. According to the analyst, the expected break could drop the price to around $48,000 or raise it to approximately $90,000. The direction of this move depends on whether Bitcoin breaks above its resistance or falls below its support levels, with a larger upward trend indicating a more likely upward move.
Currently, BTC is trading choppily and mostly sideways on the daily chart, moving between a support area of $67,000 to $68,000 and a resistance area of $72,000 to $74,000. This indicates a neutral short-term outlook. According to Josh, a break above the $72,000 to $74,000 range, which is near the all-time high, will likely signal a significant upward move, indicating the continuation of the bullish trend.
Potential Inverse Head and Shoulders Formation
The 3-day timeframe Bitcoin price chart shows the formation of a potential inverse head and shoulders pattern, a bullish formation. For this pattern to be confirmed, Bitcoin needs to break above the neckline around $71,700. Ideally, this break would be confirmed with a 3-day candle close above $73,000 to $74,000, which could push the price to the $86,000 to $87,000 level.
Conversely, if Bitcoin falls below the support level at $67,000, it could drop to the $63,000 to $64,000 range. This secondary support, particularly a drop below the $60,000 to $61,000 level, would indicate a bearish trend, pulling Bitcoin’s price down to around $50,000.
Josh also noted that the US Dollar Index (DXY) made a short-term bounce, which could signal a bearish trend for Bitcoin and the overall cryptocurrency market. Typically, an upward trend in the DXY is associated with a bearish trend for Bitcoin and altcoins, while a downward trend in the DXY generally means a bullish trend for the cryptocurrency market.
