dailyhodl.com
A popular crypto analyst says the price of Bitcoin (BTC) will soon break out of resistance and potentially surge to $68,000.
In a new video, the host of financial YouTube channel InvestAnswers tells his 419,000 subscribers that the spike in Bitcoin’s volatility during a sideways market indicates a potential rally for the top crypto.
“Now what happens after a spike in volatility when the price is flat? Yes, bounce up.”
The host says that every other indicator suggests Bitcoin is approaching breakout level.
“You’ve got lower highs coming down the pike ever since the beginning of this year and you got higher lows. You had a $33k floor on January 24th… then we had the second floor, $34.6k, on February 24th.
We hit the $45k glass ceiling a little bit above it, a little bit of a lower high last time, but everything we see – we’re seeing lower highs, higher lows and a large move seems to be imminent from a technical perspective.”
The trader also points to the funding rates in exchanges.
“Funding rates as well have now been at or below neutral levels on Binance and Bybit for over 100 days. That means we have now been in a pessimistic funding rate regime for longer than we ever saw during the summer bear market of 2021, another reason I’m pretty convinced something’s going to pop.”
He says Bloomberg’s chart shows that Bitcoin has been trading within 10% of its 50-day moving average since early February.
“You can see that this is highly unusual price activity. Bitcoin has only stayed thrice, which means three times in five years within this range, further proof a breakout is coming… There’s no downside. The downside now, maybe $34k to $35k, and the upside is $68k.”
Bitcoin is trading for $41,080 at time of writing, up 4.3% on the day.