Bitcoin Analysts Agree ‘Nothing Can Stop’ the Ongoing BTC Rally as Major Support Wall Forms, but Expect a Correction at This Level First

The price of BTC broke above $60,000 yesterday in what was a green light to many bull run advocates. The price has now broken above $62,000. Noted crypto market analyst Ali (@ali_charts) recently posted an optimistic tweet regarding Bitcoin’s ongoing price rally. He stated “There is literally no resistance ahead of #Bitcoin. All we see is a major support wall between $54,300 and $56,200 where 903,540 addresses bought nearly 500,000 $BTC.”

This statement suggests Ali believes there are no significant resistance levels ahead that could halt Bitcoin’s price appreciation in the near term. The use of “literally no resistance” emphasizes his strongly bullish view.

However, he does identify major support in the $54,300 to $56,200 range, based on on-chain data showing over 900,000 addresses previously purchased approximately 500,000 BTC at those price levels. This means if the rally did lose steam, there is significant support from bulls who previously bought around $55,000 and are likely to defend that as an area of value.

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Prediction of $65,400 Before Correction

Fellow analyst Titan of Crypto (@Washigorira) responded with an even bolder prediction, tweeting “#Bitcoin $65,400 before a correction? When #BTC is on Berserk mode nothing can stop it. All targets have been crushed. I’d like to add one last target according to my Ichimoku analysis. It lies at $65,400. If it reaches it I expect a correction right after.”

So while Ali sees strong support fueling further gains, Titan believes Bitcoin could surge to $65,400 before finally seeing a price correction. Both analysts are bullish on the short-term outlook, forecasting the rally has room to run before losing momentum. Yet risks remain of hitting resistance and profit-taking around current or slightly higher levels.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.