A trader on The Moon Show has put forth the case that Bitcoin bulls are in command and have their sights set on $94,000 for the near term. Having put a key resistance level behind it, the asset is showing the kind of momentum that could well spark an altcoin season as explosive as those seen in previous cycles.
Breakout Signals Bullish Trend for Bitcoin
In a recent appearance on the show, the trader was clear on the matter: Bitcoin’s decisive break of that resistance is the start of a bullish phase and puts it on track to rally in the weeks ahead. It is a move that tends to pull in more buying pressure from both institutional and retail sides.
The thinking here is based on technicals. The trader noted that one only has to look at history to see how such breakouts lead to accelerated price action. In fact, the push toward $94,000 is viewed as very much in line with the build-up to some of the major bull runs of previous years.
Altcoin Season Could Follow Bitcoin’s Surge
The trader is of the opinion that Bitcoin’s breakout may well be what is needed to usher in a fresh altcoin season. In fact, he would have investors take positions in select altcoins, on the basis that they are set for considerable gains in the weeks ahead, if not sooner.
He sees the makings of a repeat of the kind of rally that followed late 2020; after all, the last time altcoins hit bottom was in October of that year and the market has since posted some very good numbers. Now that the bulls have taken hold of Bitcoin, he thinks the market is primed for something similar. The strength of Bitcoin alone could do wonders for the crypto space at large, but it may also prompt a rotation of capital into altcoins for the upside they offer.
Warnings and Trading Platform Preferences
The short term is looking bullish, but the trader was quick to offer a word of caution to his audience on The Moon Show regarding possible corrections. Should the price hit that $94,000 mark, a pullback is not out of the question and could run as deep as $88,000 or $87,000. It is a fair warning of the kind of volatility one sees in crypto when there are swift gains.
As for where to do business, he made a case for Bybit. In his view, it is the most liquid and secure exchange to work with, and its solid infrastructure is something investors would be well served to take advantage of. He drew a line under Binance on account of reliability issues and pointed to Bybit as a better option. Such are the opinions of this trader based on what he has seen in the exchanges today.
This article reflects the channel author’s opinion and is not investment advice.
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Source — The Moon Show: https://www.youtube.com/watch?v=ocltEp67Aao
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