Crypto analyst Titan of Crypto has indicated that a breakout in Bitcoin’s price may be imminent. The analyst also highlights why $85,700 is a pivotal threshold as the leading cryptocurrency aims for upward movement.
The Significance of $85,700 as Bitcoin Targets a Breakout
In a recent post on X, Titan of Crypto pointed out that the $85,000 mark is crucial as Bitcoin seeks a bullish trend that could propel it to $87,000. He observed that the RSI bullish divergence has unfolded effectively, with BTC successfully reaching two significant targets. The analyst noted that a daily close above $85,700 would greatly enhance the likelihood of a subsequent move to $87,000.
Titan of Crypto also mentioned that Bitcoin is undergoing a bullish crossover. He indicated that the Moving Average Convergence Divergence (MACD) recently performed a bullish cross on the 3-day chart. The analyst suggested that a momentum shift might be in progress, with BTC gearing up for an upward breakout.
It’s noteworthy that the crypto analyst had previously forecasted that Bitcoin’s price could soar to $137,000 by mid-year, representing a new all-time high (ATH) for the leading cryptocurrency. This was based on a bullish pennant pattern forming on BTC’s daily chart, with the analyst asserting that if this plays out, the flagship crypto could reach new ATHs.
Another crypto analyst, Colin, has also recently affirmed a bullish outlook for Bitcoin’s price, influenced by the global M2 supply trends. He anticipates that BTC could soon achieve a new ATH, with a breakout potentially commencing in May. Colin suggested that the flagship cryptocurrency might even hit $144,000 upon breaking out to the upside.
USDT Dominance Indicates Rejection
Crypto analyst Mikybull Crypto indicated that the USDT dominance has demonstrated a sharp rejection, which bodes well for Bitcoin’s price. In another post on X, he raised the prospect of BTC soaring to $99,000 in the near future, asserting that market conditions are becoming more stable. The analyst advised traders to monitor daily trend reversals and adjust their strategies accordingly.
Despite this optimistic outlook for Bitcoin’s price, overarching macroeconomic factors could hinder any breakout momentum for BTC. The flagship cryptocurrency surged to around $86,000 on April 15 but quickly retraced following reports of the EU moving forward with tariffs on US imports. Concurrently, the US seems poised to impose additional tariffs on China, with negotiations between the two sides still unresolved.
As of this writing, Bitcoin is trading at approximately $83,600, reflecting a decrease of over 2% within the last 24 hours, based on CoinMarketCap’s data.
Featured image sourced from Adobe Stock, with chart data from Tradingview.com
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