A Bitcoin bullish breakout is not far off, says MMCrypto. The trader sees the cryptocurrency at a point of no return where it could well turn from bearish to bullish, if only two things fall into place.
Key Levels to Watch for Bitcoin’s Next Move
For one, MMCrypto has Bitcoin right up against an important technical line. To put any talk of a breakout beyond the realm of speculation, he says the price must make a sustained push over $87,200 and the weekly candle in the coming days needs to close above that mark as well as leave $72,200 behind. Without such validation, the market is open to more bearish pressure, so traders would be wise to hold off on any optimistic positioning until both levels have been decisively taken.
Target Price and Market Implications
Should those conditions be satisfied, MMCrypto puts his target for a bullish breakout at $102,000, a figure arrived at from the market dynamics and price structure he has been watching. A swift change in sentiment may well rouse the interest of both institutional and retail investors and put some speed behind the rally. But he is insistent on the need for confirmation and patience; in a volatile market there are risks to jumping the gun on a long position, so wait for the signal.
Trading Track Record and Community Initiatives
MMCrypto has been open about his own record of late, with some good trades in Ethereum and Bitcoin to show for it, though XRP was another matter entirely. He makes no bones about wins or losses in order to give his followers an honest view of what is involved. He has also put forward the idea of a free Telegram group for subscribers where they can see his analysis and trading as it happens and get a handle on his approach.
Then again, his forecasts carry some weight given the accolades he received in Singapore last year, ‘Trader of the Year’ and ‘Analyst of the Year’ among them.
This article reflects the channel author’s opinion and is not investment advice.
Source — MMCrypto: https://www.youtube.com/watch?v=5_N2EIMY1Ds
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