Analyst Says Support-Resistance in Bitcoin: Medium Term Target is 80 Thousand Dollars!
YouHodler risk manager Sergei Gorev stated that technical and fundamental analysis indicators point to an increase in the cryptocurrency market for May.
Sergei Gorev recently evaluated the current situation of the cryptocurrency market in his statement to The Block. Gorev stated that when looking at the futures side, short positions have increased and funding rates have fallen to really low levels, and that he expects an increase for May.
Stating that he expects Bitcoin to reach 80 thousand dollars in the medium term, the experienced name did not ignore a possible decline scenario. He warned investors to be careful, stating that the 61.8% Fibonacci golden ratio level still points to 52 thousand dollars and that the liquidity there has not yet been received.
Following positive non-farm employment data from the USA, Bitcoin price increased by approximately 2 thousand dollars and rose to $ 61,500.
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