A widely followed crypto analyst says that Bitcoin (BTC) could be on the brink of a bullish move.
The pseudonymous merchant Bluntz says his 223,200 Twitter followers that Bitcoin is showing signs of a potential breakout.
Bluntz says his goal is for Bitcoin to break above a price of $28,800.
“BTC is now back in range once again after taking out the upside and now downside, will look to buy pullbacks after the daily close with a target of $28,800.
I was expecting a slower advance, but this move started to look impulsive to the upside again.”
Just over a week ago, when Bitcoin was trading at around $27,500, Bluntz warned that the leading crypto asset was showing signs of danger. On Wednesday, Bitcoin plunged below $25,400, a level last reached in March. Bitcoin is trading at $26,572 at the time of writing.
Bluntz’s bullish take on Bitcoin echoes the opinion of another pseudonymous trader, Credible Crypto. Credible Crypto says Its 340,600 Twitter followers that the flagship digital asset has bottomed out after the crash that came amid US Securities and Exchange Commission (SEC) lawsuits against two leading crypto exchanges.
“Cashflow target one was met and taken advantage of perfectly, followed by a strong move higher just after back-to-back SEC lawsuits against Binance and Coinbase.
If panic-driven sell-offs were going to happen, that would have been the perfect time for a flush to develop, which leads me to believe our bottom may be in and lower targets won’t be hit.”
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