Bitcoin Eyes $62,500 Breakout: Analyst Predicts Impact on Market
CryptoNewsTerminal Staff19 Sep, 2024
Bitcoin Eyes $62,500 Breakout: Analyst Predicts Impact on Market
Bitcoin has been on a steady upward trend in recent weeks, and analysts are now eyeing a potential breakout above $62,500. According to Jelle, a cryptocurrency analyst with a large following on social media, a breakout above this level could lead to a further rally for BTC. Jelle's analysis is based on the daily chart of Bitcoin, which shows the cryptocurrency slowly grinding its way up against resistance. A breakout above $62,500 would be a bullish signal, and could lead to a move towards $70,000 or higher. However, Jelle also cautions that the end of September could be a time of volatility for Bitcoin. This is because the cryptocurrency market often experiences increased volatility during this time of year. As a result, it is important for investors to be aware of the potential risks and to trade with caution.
