With Bitcoin approaching key resistance, trader MMCrypto has put the $87,200 mark at the top of his list as the level that will determine whether there is a breakout in the third quarter. The Singapore-based analyst offers his perspective on where BTC is headed and what a decisive move from here would entail.
BTC Surpasses $82,000: Next Stop $87,200
MMCrypto notes that the asset has left a major horizontal resistance zone at $82,000 behind. In his assessment, the $87,200 line is the next immediate test for the market; a clean break of that would confirm a strong start to Q3 for Bitcoin.
But he is quick to add that price action alone is not enough. For MMCrypto, any push above $87,200 needs to be supported by solid volume. Without that kind of conviction in the trading numbers, he says, BTC will have trouble holding those higher prices.
Bullish Targets: What Comes After the Breakout?
A firm break of the $87,200 resistance level by Bitcoin would put the next big target in the $102,000 to $103,000 range, according to MMCrypto. Such a development would be a clear sign of a strong rally and would underpin bullishness through the rest of Q3.
MMCrypto’s approach follows market momentum and technicals. The trader has put his money where his mouth is with active holdings in Monero, XRP, and Ethereum as well as BTC; those positions have already generated $1.6 million in profits.
Personal Journey: From Traditional Finance to Crypto Advocacy
There is a certain mixed feeling to the change, he says. MMCrypto puts some of his own history in context: 13 or 14 years ago he made his way to Singapore for the first time as an economics student with an eye on a job in traditional finance. Now he makes his home there and has turned his attention to championing cryptocurrency. It is a far cry from where he started, yet that very undercurrent runs through his market analysis and how he engages with it; his resolve in the crypto space is as firm as ever.
This article reflects the channel author’s opinion and is not investment advice.
Source — MMCrypto: https://www.youtube.com/watch?v=v04Ft3nmxek
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