Bitcoin Needs to Break $68,000 to Turn Bullish, Analyst Says

Crypto analyst Josh highlighted in his recent YouTube video that Bitcoin (BTC) needs a decisive break above $68,000 to return to a bullish trajectory. Achieving this could push Bitcoin towards higher resistance levels between $72,000 and $74,000. However, with Bitcoin currently trading below $67,000, the $67,000 to $68,000 area has turned into a significant resistance zone, according to Josh.

If Bitcoin fails to cross the $68,000 mark soon, it could experience further pullback towards the $63,000 to $64,000 level. Josh pointed out that this range has significant trading volume, indicating significant support. However, he also mentioned the volume profile indicator that shows minimum trading volume between $66,000 and $64,000, paving the way for rapid price moves towards $64,000 if Bitcoin continues to fall.

Potential short-term moves

Josh proposed a scenario where Bitcoin could rise to around $67,000, tapping significant liquidity and liquidating short positions in that environment. This coincides with the resistance level between $67,000 and $68,000. He warned that Bitcoin could experience a near-term rebound from this resistance but could be rejected unless the price breaks above $68,000, signaling the end of the pullback.

When examining Bitcoin’s four-day chart, Josh noticed that the Bollinger Bands are compressing, indicating a “big move” in the near future. He predicted that this move would be highly volatile, with Bitcoin potentially experiencing a 20% to 30% price fluctuation.

Long-term prospects for Bitcoin

Josh also said that on broader time frames, Bitcoin continues to trade within a major consolidation pattern that is typical of a broader bullish trend. This implies that Bitcoin is still nowhere near its market peak despite recent price declines. Projections from other analysts, such as CrediBULL Crypto, predict that Bitcoin could still rise to $100,000 in the ongoing market cycle.

Analyst Rekt Capital also predicted these price corrections during the current bull run. He suggested that Bitcoin would fall enough to make investors doubt the continuation of the bull market before resuming the uptrend.

According to the latest data, Bitcoin is trading around $65,400, showing a decline of 1% in the past 24 hours, according to CoinMarketCap.

Conclusion

In summary, Bitcoin’s current price action underlines the importance of breaking the $68,000 resistance level to return to a bullish trend. Analysts predict potential volatility and significant price swings in the short term, while long-term projections remain optimistic, highlighting the possibility of Bitcoin reaching new highs within this market cycle.