Bitcoin breaks above $24K as analysts predict what next for BTC

Bitcoin breaks above $24K as analysts predict what next for BTC

By Benson Toti - min read
  • Bitcoin breaks above $24,000 as positive sentiment pushes BTC higher.
  • Analysts say BTC remains in “danger zone” unless bulls break and hold $25k.
  • IntoTheBlock analysts suggest the next major target could be $30,000.

Bitcoin broke above the $24,000 level, soaring a massive $4,000 candle in just over 24-hours to leave bulls targeting a new breakout above $25,000.

In our Bitcoin price prediction article this morning, we highlighted an analysis by popular crypto analyst Rekt Capital. In it, the analyst simply pointed to Bitcoin price having invalidated a double top formation when it rallied from under $20,000 to a weekly close above $21,770.

According to the analyst’s technical outlook for BTC, a break higher was likely given the retest of range lows on the daily chart.

While he suggested a continued range consolidation, he pointed to the potential for bulls to break higher. That came sooner as BTC forced its way above $24,000 amid a spectacular bounce for cryptocurrencies after last week’s sharp declines. But can Bitcoin maintain this upside momentum? Here are what some analysts are saying:

Bitcoin price spikes above $24K – analysts share technical outlook

At current prices, Bitcoin is about $500 “from challenging the macro downtrend,” Rekt Capital has noted. If this happens, BTC could be poised for a huge breakout – possibly with a new macro uptrend in the picture on the monthly chart.

BTC Monthly RSI looks like it has successfully retested the 2015 & 2018 Bear Market Bottom area as new support,” he added in another tweet.

According to the analyst, Bitcoin still needs to break the macro downtrend line at $25k for a technical breakout in March. Maintaining the positive outlook could see BTC break the macro downtrend in April with breakout price point around $23,400.

Like Rekt Capital, crypto analyst Altcoin Sherpa suggests bulls aren’t completely out of the woods yet. For him, the price needs to break above and hold support at $25,000. If not, BTC remains in “a danger zone.”

BTC: Some high time frame resistance areas, I view this current area as a danger zone. 1W 200 EMA + S/R level that price couldn’t break over a few weeks. If we flip $25k soundly, I think we blitz to 30kish areas.”

According to IntoTheBlock, Bitcoin faced a significant hurdle in the $22,650- $23,325 region after bulls’ strong bounce in the $19,000 area. This supply zone coincided with a zone where 1.14million addresses had acquired BTC, with the average price around $23,022.

But after the swift bounce above this level, on-chain data suggests the next major target is $30,000.