coinpedia.org
A widely followed crypto analyst and strategist has shared an interesting Bitcoin chart on social media platform X. According to the chart and analysis, Bitcoin’s next target is at $64k, a resistance level it has been striving to break. He wrote, “Straight to $64k.”
The trader known as ‘The Crypto Dog’ admitted to having a bullish bias but believes it’s justified. The analyst discussed buying Bitcoin again after it made a higher low, expecting it to move back to the range highs and possibly break out. Over the last two hours, the trader has been building a long position during small dips, thinking the price might finally leave the current range on the next push up. The analyst stressed that it’s better to go long from the lows rather than trying to buy once the price is near resistance.
The analyst also talked about two altcoins:
According to him, CRV looks bullish and is close to breaking out after consolidating for a month.Next he said that AAVE is under resistance, and while a break could push it back to the highs, he’s cautious. The analyst thinks AAVE might drop lower, so he’s waiting for a better buying opportunity, especially if Bitcoin pulls back.
What’s happening in the market today?
Bitcoin is down 2%, with other coins like XRP and Dogecoin also trading in red. BTC hit the $61k levels before hitting reverse. The market’s bullish trend is being attributed to positive developments in Asia’s Nikkei 225 index, which lifted market sentiment.
This week, key events to watch include a Federal Reserve FOMC meeting on Wednesday, where details about the economy and monetary policy will be discussed. There are also important economic reports coming up, such as the August S&P Global Manufacturing Services PMI on Thursday and home sales data later in the week.