A popular crypto analyst, Cheds, believes Bitcoin (BTC) needs to hit a specific price point to really take off.
$96,000: The Magic Number?
Cheds, who boasts over 340,000 followers on X (formerly Twitter), says Bitcoin needs to climb roughly 4.5% from its current price to reach $96,000. He argues that breaking this level would trigger significant bullish momentum. This is because it would represent a retest of a previous high, potentially leading to a renewed upward surge.
Signs of Consolidation Before a Breakout?
Despite Bitcoin’s recent dip, Cheds sees similarities to patterns observed since October when Bitcoin rallied from $60,000. He interprets the current price action as a period of consolidation before another price increase. He points to the one-hour chart showing price consolidation below a rising 200-day moving average, a pattern seen previously during its upward trend.
Potential Support Levels
Cheds also notes that if Bitcoin continues to correct, the 200-day moving average on the four-hour chart could provide support. He highlights that Bitcoin hasn’t touched this moving average since it was trading around $61,000.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading around $92,285. Remember, this analysis is just one perspective, and investing in cryptocurrencies carries significant risk. Always do your own research before making any investment decisions.
