Top Crypto Strategists Predict Breakout Rally for Bitcoin (BTC) This Week – But There’s a Catch
A trio of popular crypto analysts believe Bitcoin (BTC) is going to break out this week, but they all say the rally likely won’t happen in a straight line.
Pseudonymous crypto strategist Credible tells his 337,500 Twitter followers that he sees Bitcoin finally breaking out of its immediate resistance at $25,000, but only after BTC re-seeks support near $22,000.
“No change on this idea – still looking for a move down to GREEN or at least the swing low indicated by the RED X here before continuing to the upside to $25,000+.”
At the time of writing, Bitcoin is exchanging hands at $23,185. A move to Credible’s retracement target of $22,000 suggests a 5% downside risk for BTC.
Another widely followed crypto analyst also sees BTC taking a small dip before initiating a rally to the upside. Smart Contractor tells his 210,300 Twitter followers that Bitcoin could correct to $22,500 before rising above $25,000 this week.
“BTC triggered a fake breakout/fakeout setup for me last week, which closed back to previous breakout range, prompting me to close my longs. Since then, it has recovered to a new high in clear five waves.
Again, [I’m] looking to buy pullbacks to $22,500 early this new week.”
Another crypto strategist Inmortal also shares a similar view on BTC. However, the crypto trader expects the pullback to be slightly deeper at around $21,700, which represents a 6% downside potential for BTC from today’s prices.
“Roughly speaking, this is the BTC plan for this week.”
As for his target this month, Immortal says that Bitcoin could rise to as high as $27,000 before August ends.
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Featured image: Shutterstock/DenisKrivoy/CreativeJourney
