What is next for Bitcoin after crossing $ 87,000? Expert talks about possible results – TradingView News

This week, the leading cryptocurrency of the market, Bitcoin (BTC), once again crossed a brand of $ 87,000, after what analysts describe as a healthy correction that the price brought $ 74,000 earlier this month.

In the recent post on the Social Media Doctor Doctor, the CRIPTO Analytic Doctor profit provided a comprehensive analysis of the current price action, in which it is what investors can expect forward.

Expert Princessed Level of Critical Price for BTC

The doctorate opened his analysis by attracting two potential outcomes he presented a month before. The first scenario included a healthy correction at the range of $ 70,000 to $ 74,000, which played exactly as predicted.

The second scenario was a more serious drop, “Black Swan” event, which could see Bitcoin to fall to 50,000 to $ 60,000. It is important that he identified a critical threshold – a “goldline” -Gurently located at $ 77,000.

This level has proven resistant because it is Bull Run at the beginning of 2023. year in early 2023. years and until Bitcoin remains above it, it believes that the profit of the doctor is that the collision scenario is excluded from the table.

The analyst noted that Bitcoin currently faces challenges in breaking through “hammer,” critical level of resilience. Historically, whenever Bitcoin approached this line, he faced immediate rejection. However, with strong support on the goldline, finishing profits are prepared for two potential scenarios.

Bitcoin Potential Cancel Scenarios

If Bitcoin can break over the hammers, he plans to close his short position of $ 90,000 and keeps his place at the place gained at $ 77,000. In contrast, if Bitcoin continues a level of $ 77,000, it intends to buy more, which has already set up orders to exploit this price.

Looking forward, finishing profit predicted that Bitcoin would probably continue to trade in the hammers and golden line passages, especially between 77,000 and $ 8,500. However, with a week of spikes, the golden line is discontinued for now, waiting for consolidation above it.

However, several bikar triggers remain on the horizon, including potential agreements between the United States and China, a possible reduction in the federal reserves and increases the liquidity of M2.

In the middle of the long-term term, the profit of the doctor believes that Bitcoin will be more likely to break above the hammer line than to fall below the golden line. He warned against trading in the dangerous zone between these two critical levels, denoting it “forbidden zone”.

The break up above the hammers will signal the end of the correction and the renewed rise to the new time heights, while the breakdown under the golden line could indicate a significant progress of market feel and start deeper correction.

During trading just 87,200 dollars, BTC registers almost 4% increase in the weekly time frame.

Featured image from Dall, Graph with TradingView.com