Bitcoin has struggled to make significant upside progress over the past couple months and remains stuck below $45,000. According to prominent crypto analyst Crypto Con, Bitcoin may have found a local top at $45,000.
In his recent analysis, Crypto Con stated that “the Bitcoin Weekly RSI shows us we are not in route for new ATHs, and have planted firmly in the Bull Market Local High Zone. This again supports my claim that I believe Bitcoin has found a local high at 45k.”
The analyst believes the $45,000 level is acting as strong resistance for Bitcoin in the short-term. Even with optimism around a potential Bitcoin ETF approval, Crypto Con thinks “the local high may have come right under their nose.”
At the time of writing, Bitcoin is trading around $42,000, down roughly 4% over the past week. This lends credibility to the idea that upside momentum is limited around the $45,000 area.
While Crypto Con is holding his long-term Bitcoin position, he acknowledges that “A local high here could bring better buying prices for those who need it.” If Bitcoin fails to break above $45,000 convincingly, a pullback could materialize that would give buyers another entry point.
Even though further gains may be limited in the near-term, Crypto Con takes a long-term view. As he states, “I buy and sell on much longer-term time frames which take years, cycle bottoms and tops.” He believes we are still firmly within a bull cycle for Bitcoin.
In summary, technical signals and Bitcoin’s recent price action point to limited upside around $45,000 for now. According to crypto expert Crypto Con, traders should not rule out the possibility of a pullback if the $45,000 resistance holds. However, he remains confident in the long-term bull case for Bitcoin this cycle.
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