- Crypto trader says Bitcoin is about to embark on a significant upward movement.
- Bluntz noted Bitcoin has taken out the upside and downside key levels.
- The trader said he would be looking to buy pullbacks, with his target set at $28,800.
According to a crypto trader with the Twitter identity Bluntz, Bitcoin is about to embark on a significant upward movement. In a tweet, Bluntz noted Bitcoin has taken out the upside and downside key levels, opening the way for the next price rally.
Bluntz said he would be looking to buy pullbacks, with his target set at $28,800. He also noted that he did not expect Bitcoin’s quick resurgence after the recent price drop. However, he observed that Bitcoin’s price movement looks impulsive to the upside.
The trader showed Bitcoin’s breakout from the key levels using the 4-hour BTC-USD chart. From his plotted analysis, the price overcame the upside resistance at $27,644 and the downside support at $25,799. That implies these levels are no longer the prevailing BTC price range. The market has opened up for price discovery, which he believes will be on the upside.
A respondent to Bluntz’s tweet supported his views and suggested a similar scenario could play out with the LDO. The respondent, identified as CryptoGlobin on Twitter, shared a screenshot of the LDO-USDT daily chart. He observed a developing symmetric price behavior that would see LDO climb higher. CryptoGlobin’s LDO analysis follows Bluntz’s philosophy of a breakout from the trading range on both the upside and the downside.
Bitcoin reached a yearly high of $31,035 on April 14, 2023, according to data from TradingView. Bitcoin’s price consolidated from that level, resulting in a protracted sideways trend. Many analysts believe the current price trend is an accumulation ahead of the next halving event.
Bitcoin made a sharp recovery from the recent slump, reflecting a bullish sentiment and the likelihood that a bottom is in place. As of writing time, the pioneer cryptocurrency traded at $26,416, with a momentum that suggests the bulls and bears are close to an equilibrium.
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