After a few days of sideways trading, Bitcoin’s price fell to a weekly low of around $66,600 before rebounding to approximately $68,700. Renowned crypto trader and analyst Mags highlighted Bitcoin’s promising signs, suggesting a potential 178% surge from the current range. This surge could propel Bitcoin’s price to around $188,000.
Bitcoin’s Broke Above Monthly Resistance
According to the analyst Bitcoin broke above its last monthly resistance in March, turning it into a support level.
Since then, Bitcoin’s price has been moving sideways, hovering above its previous all-time high. This sideways movement is often seen in uptrends, serving as a precursor to substantial price movements.
Reflecting on past performance, Mags noted a similar pattern last year when Bitcoin’s price remained flat from March to September. After this period of stagnation, Bitcoin surged by an impressive 178%. This historical context suggests that the current sideways movement could be setting the stage for another significant breakout.
BTC To Surge Around $188000
If Bitcoin replicates the 178% surge from the current range breakout, the price could skyrocket to approximately $188,000. Such a move would mark a monumental rise, capturing the attention of traders and investors alike.
As of now, Bitcoin is trading at $67,669, showing a slight decline in the past 24 hours. Additionally, Bitcoin’s trading volume has dropped by 7%, now hovering at $24 billion, with a market cap of $1.33 trillion.
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