A new piece of analysis from the Krown channel has Bitcoin on track for $85,000 before the week is out. The analyst behind the report is undeterred by the current correction and sees a positive short-term path for the asset.
Correction Patterns and Bullish Momentum
In his view, such deep corrections are not typically a good omen in a bull market. He notes that historically they have been shallow and brief when the market is strong; looking at the period from 2011 to 2019 as a case in point, most were over quickly and gave way to renewed upward momentum.
There are numbers to back up that kind of confidence. Statistically speaking, in 65 percent of instances after a correction, Bitcoin has gained more than 3% in the following 10 days. It is this tendency for a swift rebound that leads the analyst to expect further price gains following the recent pullback.
Key Price Levels and Near-Term Expectations
According to the Krown analyst, Bitcoin is expected to trade in the $82,500-$85,000 range for the coming 5 to 10 days. In his view, it is imperative that the price holds above $82,500 to keep the bullish momentum going; he would even place a buy order at that level. Following the latest correction, he has also pointed to the possibility of some consolidation between $80,000 and $80,400 prior to any further gains.
That said, there is an explicit caveat to the forecast. Should Bitcoin fall and stay below $75,000, it would be a cause for concern and point to more fundamental problems in the market. For the analyst’s bullish case to hold, that level must not be breached.
Price Target and Analyst’s Bet
In the end, the Krown channel analyst puts it plainly: he is calling for Bitcoin to hit $85,000 before the week is out. It is a target derived from the present market structure as well as what one would expect to see in historical patterns after a correction. The bullish case holds up, and that $85,000 mark is attainable so long as there is no sudden drop below $75,000. Of course, this is his read on the situation and must be viewed with the current volatility of the market in mind.
This article reflects the channel author’s opinion and is not investment advice.
Every call by Krown and how it played out — in the BuyCrypt bloggers tracker.
Source — Krown: https://www.youtube.com/watch?v=ON-z1EhTRjE
Get ready for Bitcoin’s potential surge by honing your skills with our risk-free crypto trading simulator. Practice trading risk-free.
Discuss this article in BuyCrypt Live. Comments appear here automatically.