[Top Analysts Say Bitcoin Shows Signs of Breakout]
Bitcoin (BTC) appears to be gearing up for another big surge. BTC price has rebounded following previous cryptocurrency crashes, with some analysts predicting more gains to come. Cryptocurrency analyst Ali Martinez predicted a major Bitcoin breakout and tweeted that BTC is showing signs of a potential breakout.
Martinez believes that Bitcoin is now heading towards a $67,000 target. He explained that Bitcoin’s RSI has broken above the downtrend line, which means that the price needs to break through the $66,450 level to officially confirm this potential bullish breakout. The chart shows that the RSI has broken above the 50 level and broke above the descending line on the hourly chart, indicating that BTC is ready to move higher.
At press time, Bitcoin was trading at $66,537.83, down 0.18% in the past 24 hours but having managed to break above the $66,450 price level. Ali Martinez believes that a Bitcoin price breakout is likely to occur today, and bulls appear to be backing the move, leaving bears out.
Additionally, more signals point to potential gains. Bitcoin price is currently trading above its 200-day exponential moving average (EMA) and simple moving average (SMA), levels that indicate a bullish outlook for Bitcoin broadly, according to TradingView. Combined with the rising RSI, Bitcoin is likely to head towards the $67,000 target and could target the $69,000 resistance level and attempt a breakout to higher levels.
