Technical analysis According to a post by renowned crypto analyst Josh Olszewicz, on social media platform X there is a growing bullish sentiment around Bitcoin. This will be especially true if Bitcoin surpasses $72,000, deemed incredibly important. Olszewicz uses both Fibonacci extension and Ichimoku Cloud to illustrate a scenario in which breaking the key resistance level would catapult Bitcoin toward a goal of $91,500.
Bitcoin Price Could Soar To $91,500
This analysis uses the Ichimoku Cloud. It is a technical indicator complex that gives insights on the current market momentum and trend, as well as potential support and resistance areas over various timeframes. Bitcoin’s current price is shown to be in a positive phase. It is located above cloud. The fact that the price is above the cloud has traditionally been viewed by many as a positive sign, indicating a strong upward trend with solid support provided by the lower cloud boundaries.
The Ichimoku setup has the Tenkan-sen (conversion line) crossing the Kijun-sen (baseline) at times, resulting in buy/sell signals depending on the intersection of the two lines relative to the cloud. In the most recent chart, the line has crossed over the baseline. This reinforces the bullish sentiment reflected by the position of the cloud.
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Fibonacci levels are plotted to provide potential resistance and targets. They start at a low of $56,485.87, then move up from there. The Fibonacci extension 0.5 level has been marked at $63,727.40. This is already exceeded by the current price trajectory.
The analyst has noted that the $72,000 pivotal price level is closely matched by the 1.0 expansion at $71,897.29. The 1.618 expansion at $83,456.87 is a promising first price goal, and the 2.0 extension, at $91,513.53, represents the final extension.
Volume profile is a key indicator, as it shows a trend of decreasing trading volume. The decreasing volume is often indicative of a period where prices are stabilizing and a possible base has been built for an upward breakout. This trend is based on the declining volume. consolidation phase In recent months we have seen a rapid movement, which could occur once the accumulation is complete.
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Olszewicz made a strong statement. “BTC: when this baby hits $72k you’re going to see some serious shit,” This level of resistance is a high-stakes one. This isn’t just a technical comment, but rather a warning to the markets that once $72,000 has been decisively breached, the road to higher levels will become more likely.
A breakout of this magnitude would probably trigger a frenzy of activity in the retail market, and also among institutional investors. institutional investors You might consider it a sign of a trend upwards that could push the price to the level indicated by Fibonacci’s 2.0 extension, which is $91,500.
BTC was trading at $67.783 as of press time.
Featured image created with DALL·E, chart from TradingView.com
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Source: www.newsbtc.com
