Bitcoin Recovery Path To $60,000: Analyst Reveals Why $55,881 Is Important
11 Septiembre 2024 - 8:00AM
NEWSBTC
The Bitcoin recovery at the beginning of the week has been a
welcome development, especially given the incredibly bearish
movements of the last month. However, even with the price on the up
and up, there is still some danger lurking around that could stop
the rally dead in its tracks. So, it has become important for the
BTC price to hold some important levels if the rally is to
continue, and one crypto analyst has identified one of the major
support levels for this. Bitcoin Must Hold $55,881 Crypto analyst
Rekt Capital took to X (formerly Twitter) to inform his 500,000
followers of what is ahead for the Bitcoin price. According to the
crypto analyst, the bitcoin price has been able to protect an
important level so far and that is the bargain-buying area. Related
Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction
For December This bargain-buying area that Rekt Capital is
referring to is the $53,250 level, one to which Bitcoin has held up
quite nicely. Despite the breakdown, the fact that this level held
shows strength for the digital asset. But even with this, the
pioneer cryptocurrency still has a long way to go. As the crypto
analyst explains, the fact that the Bitcoin price held the
bargain-buying area happened beneath the black Downtrending
Channel. This means that bulls would have to hold up momentum to
continue the rally, and the best way to do this is to reclaim and
hold the $55,881 level as support. #BTC The good news is that
Bitcoin has Weekly Close above ~$53250 to protect the very bottom
of the bargain-buying area (orange) that has formed beneath the
black Downtrending Channel To build on this momentum, Bitcoin would
need to next reclaim $55881 (blue) as support to try…
https://t.co/pSYJZpk8E3 pic.twitter.com/Y3wPkLouRH — Rekt Capital
(@rektcapital) September 9, 2024 If this support holds, then the
crypto analyst forecasts a possible continuation of the rally. But
not just any continuation, one that would drive the price above
$60,000 once again. In this case, Bitcoin could be set on a path to
a brand-new all-time high. BTC Hitting A Bottom It seems that
sentiment is starting to recover as crypto analysts are predicting
a rally for the Bitcoin price. Another analyst known as Cousin
Crypto on X has pointed out that the BTC price might reach its
bottom soon, giving a couple of reasons for this. Related Reading:
Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s
When For one, the crypto analyst points out that the BTC price has
marked its first higher low in 200 days. Next, the potential Fed
rate cuts that could happen next week could help strengthen the
Bitcoin price. Third on the list is that the market is still
sitting in Extreme Fear, which usually marks market bottoms. Given
all of these, the analyst believes that there are bottom signals
flashing for the Bitcoin price. In line with Rekt Capital’s
analysis, if the Bitcoin price does bottom, then the next leg-up
could put the price above $60,000 quickly. Featured image created
with Dall.E, chart from Tradingview.com
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