A trader in the crypto market has predicted that the bulls need to help Bitcoin smash two key resistance figures before setting a new all-time high record.
Bitcoin has witnessed volatility in the past few days in the crypto market, resulting in the price of the digital asset making some wild moves since last week. Despite the bulls attempting to push Bitcoin high, which can be seen when the coin rose to $18,600 last night, the bulls have again joined the party to rock its price back to a figure below $18,000. Another round of surge happened that took place involving Bitcoin sent its price to a figure a little above $18,000. Still, the selling pressure was the trigger as the leading digital assets lost about $1,000 and currently trades around the $17,000 region.
Bitcoin to touch $24,000 if it beats resistance figures
Following the recent decline move, Bitcoin has moved upward to sell close to its previous $18,000 price mark. With the recent volatility and the price jumps regarding Bitcoin in the crypto market, a trader has mentioned that Bitcoin needs to break above two resistance figures before it can touch a new all-time high figure. According to the trader, the coin needs to beat its first resistance figure, set at $18,900, and its second critical resistance level set at $20,000.
If the coin eventually beats these figures, the bulls will take charge and pivot the coin upward to rest at $24,000. Because the bulls have been present in the last two months, the analyst hopes that this feat is easily achievable in the next couple of days. Bitcoin saw a massive market movement as the bulls took charge to send the coin close to $19,000 but has now retraced and is resting at a price near that figure.
Analyst says Bitcoin might see a decline before testing resistance figures
Presently, Bitcoin is trading at $17,530, coming down just 1% from its previous price. This new figure means that Bitcoin gained a little compared to its last daily figure of $17,400 but has erased gains when it witnessed a v-shaped recovery the previous night. While sharing his view on the price Bitcoin will eventually trade-in to send the year, another analyst has said that once it breaks above the two resistance, then the sky is the limit.
“Bitcoin has just touched the figure that places it one on one with the march to august run. There’s no much room to play now when it comes to targets, and it has only two resistance before it eventually touches a new high figure,” the analyst said. Furthermore, analysts have said that unless the bulls are ready to move the coin in a surge to reverse the damage done by the latest sell-off, there is a very high chance that Bitcoin will be taken over by the bears on a short term before it tests the resistance figures.