- A crypto analyst identified as CryptoGuru predicts a BTC to hit $61,000.
- According to CryptoGuru, several chart formations support an imminent breakout for BTC ahead of a significant upward rally.
- The analyst noted that Ferrari announced it would start accepting DOGE for payments
Self-styled cryptocurrency analyst James CryptoGuru has predicted a $61,000 target for Bitcoin soon. In a recent post on X, the vibrant analyst displayed various chart setups and a combination of indicators to show that the flagship crypto is aiming for higher prices.
CryptoGuru’s initial observation is the growing volume across the daily candles on the BTC/USD chart. The analyst spotted a hammer candle that formed two days ago, confirming it as a significant bullish signal. By scaling down to the 4-hour chart, the technical analyst showed that Bitcoin faces resistance around $52,000. Hence, it is making a sideways movement and generating another bullish signal in the form of a bull flag.
Notably, CryptoGuru extracted his Bitcoin price target by projecting a potential movement after the pioneer crypto breaks out of the bull flag. Using the 1-hour chart, he showed that the breakout may happen shortly, with Bitcoin expected to rally toward the $61,000 price. Although CryptoGuru noted the possibility of a slight pullback, he was adamant that the $61,000 target for Bitcoin is imminent. He outlined a classic trade to open at $51,180 with a stop-loss at $51,044 and take-profit at $61,000.
Besides Bitcoin, CryptoGuru noted a significant development in the Dogecoin ecosystem that could lead to a potential DOGE rally. According to him, Ferrari, the Italian sports car manufacturing company, recently announced it would start accepting DOGE for payments. The renowned analyst considers it a crucial news that could trigger a DOGE price rally.
Beyond just DOGE, the analyst thinks the impact of this announcement could spread across the entire crypto market. According to him, Ferrari accepting DOGE for payment could lead to a crypto revolution.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
