The Bitcoin (BTC) price is likely to rise in the near future, according to a well-known analyst.BTCThe multi-month bull run may hang by a thin thread.
Altcoin Sherpa is a pseudonymous social media analyst who tells 219,700 of his followers in X on social platforms that he will be keeping a very close eye on Bitcoins’ price at about $58,000.
A move under $58,000, according to the trader could be a problem for crypto-king.
I would have an interest of $58,000 in BTC. It is normal to expect a retreat; however, the response from this area will be very telling.
Test higher levels by bouncing strongly
If the bounce is very weak, we will go straight to Hades.
Crypto strategist, updates chart and says that BTC bulls are responding positively.
“Good reaction for BTC so far.”
Bitcoin currently trades for $59.604 – up 1% in the last 24 hours.
He also watches the recovery of Solana.SOL) competitor Sui (SUI). According to this trader, SUI shows bullish momentum. However, he warns that altcoins will face resistance near the 200 day exponential moving average.
“I don’t think it is a bid, but maybe you are just going with the momentum. I cannot remember when blockchains were so popular that people cared about cost and speed. It’s all about the money/gambling.
200-day EMA approaching though so probably watch out for that… but chart still looks pretty good.”
SUI, at the time this article is written, has increased by nearly 14 percent in just 24 hours.
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