Daily Hodl Staff
A popular crypto analyst and trader says that Bitcoin (BTC) could hit new all-time highs (ATHs) if it breaks above a key range.
Pseudonymous crypto strategist Credible Crypto tells his 386,200 followers on the social media platform X that Bitcoin could soar after clearing the $68,000-$70,000 range resistance.
However, the trader warns if Bitcoin fails to break through that key range it could dip significantly.
“Nice reversal off that zone. Leftover bids have now been pulled. $68,000-$70,000 is the ‘trouble’ zone right now that we need to be mindful of. Reject there and could come back down for the lows once more. Break through that zone and we likely head to new highs. Let’s see how things develop.”
The analyst believes that Bitcoin is more likely to break through the key resistance range and hit new highs after the leading digital asset rallied on Thursday.
“My primary expectation for BTC at the moment: form a nice range here between local supply at $68,000-$70,000… before expansion to new highs. Spike in open interest with this pump supports the idea, only thing that goes against it at the moment is that we have a spot premium back for the first time since $50,000.
If the spot bid sustains then we may not see a rejection here. However, if the spot premium fades into supply and gives way to a perpetual futures premium once more it is indicative that the below [chart] scenario is even more likely to play out.”
Looking at his chart, the analyst suggests Bitcoin could dip to around $63,000 if it faces rejection in the $68,000-$70,000 range and then it could rally to break through the resistance.
Bitcoin is trading for $68,056 at time of writing, up nearly 4% in the last 24 hours.
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