Bitcoin Could Reach $31,500 ‘Very Quickly’ If It Breaks This Resistance Level According to Top Analyst – Here’s His BTC Outlook
According to crypto YouTuber Crypto Rover, Bitcoin is currently testing significant overhead resistance around the $28,600 level.
In a recent tweet, Crypto Rover noted that if Bitcoin can close above $28,600 on the daily chart, the next target of $31,500 could be reached “very quickly.”
Bitcoin has been hovering around $28,000 after its recent surge to $30,000 following the fake BlackRock Bitcoin ETF approval report.
Breaking out of this long-held range requires reclaiming key levels like $28,600 that have capped previous recovery attempts. Sustaining above these resistances would signal a potential trend reversal.
While Crypto Rover is eyeing a move to $31,500 should Bitcoin confirm a breakout, other analysts like Rekt Capital say Bitcoin has long ago broken its macro downtrend.
But downside risks remain if Bitcoin fails to breach overhead resistances. For now, the market awaits whether Bitcoin can garner enough momentum to crack these barriers and confirm the start of a new bullish impulse. The ability to stage decisive breakouts will determine if a prolonged recovery can develop.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
