A crypto analyst believes Bitcoin (BTC) could reach new highs if it surpasses a critical range.
Key Resistance Zone
Credible Crypto, a popular crypto strategist, suggests that Bitcoin could soar after clearing the $68,000-$70,000 resistance. However, if BTC fails to break through this range, it could face a significant dip.
Breakout or Breakdown?
The analyst believes that Bitcoin is likely to break through the resistance and reach new highs after a recent rally. If rejected at the resistance, BTC could drop to around $63,000 before attempting another breakout.
Current Price and Market Outlook
As of writing, Bitcoin is trading at $68,056, up almost 4% in the past 24 hours. The analyst notes that a spike in open interest supports the idea of a breakout, while a spot premium could indicate a potential rejection.
Disclaimer
Opinions expressed in this article do not constitute investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies.
