Bitcoins
Crypto analyst Jordan has predicted that the Bitcoin price could rally to $80,000 in the short term. The analyst pointed to a February bullish trend that could spark this rally for the leading crypto.
Bitcoin Price Eyes Rally To $80,000 Based On This Trend
In an X post, Jordan predicted that the Bitcoin price could rally to $80,000, citing a bullish trend that began in February. This was around when BTC formed a new local low of $60,000. Since then, the leading crypto has rebounded to as high as $76,000. The analyst noted that BTC has bounced every time the price has tested support in the lower $60,000 range.
Jordan said that if the Bitcoin price can hold this level, then there could be a momentum push towards the $80,000 to $84,000 CME gap. He added that it is interesting that the price has remained above key support levels despite the U.S.-Iran war. Crypto analyst Doctor Profit also indicated that BTC could rally above $80,000 in the short term.
In an X post, he stated that he will look to enter new shorts between $79,000 and $84,000 if the Bitcoin price revisits that zone. He further remarked that he sees a high medium probability that BTC will reach this zone. However, he added that, given the geopolitical situation with the war in Iran, he doesn’t think the risk-reward is worth it to go long in hopes that BTC will rally above $80,000.
Doctor Profit also reiterated that the Bitcoin price is in a bear market and that the price hasn’t bottomed yet. As such, he believes that placing short orders between $79,000 and $84,000 is a much safer bet with targets below $50,000.
Not Yet Time To Buy BTC
Crypto analyst CrypFlow stated that this is not yet the time to buy BTC, as the Bitcoin price has not yet bottomed. He noted that the 2-month stochastic RSI bullish cross is one signal that has consistently marked the best buying opportunities every cycle. The analyst explained that under this pattern, momentum resets below 20, sentiment turns negative, and a bullish cross later confirms the shift.
CrypFlow further remarked that the cross marked the start of the bull run in the 2015, 2019, and 2023 cycles. However, that cross has yet to happen this time around. He noted that the stochastic RSI is resetting again and that the setup is building, but that the signal hasn’t triggered, signaling that the Bitcoin price could still drop lower.
At the time of writing, the Bitcoin price is trading at around $66,800, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
Scott Matherson Read More