Bitcoin aims for new high after overcoming critical resistance, says influential trader

Over the past few weeks, the cryptocurrency scene has been on fire. With Bitcoin, the most popular and valued of digital currencies, navigating turbulent waters, many are wondering where BTC goes next. Well, for the trader known as The Flow Horse, it seems that Bitcoin has more room to grow.

The Bitcoin trader, who has a significant audience of 183,000 followers on platform X, believes that the recent increase in the value of Bitcoin may not be over. In a detailed analysis of long-term charts, The Flow Horse sees further growth potential for BTC of around 25% or more before encountering a new point of resistance.

Bitcoin surpassing the US$32,000 milestone is, for him, a strong indication that new advances are on the horizon. Based on what I’m observing, it’s hard not to project that the price of Bitcoin could reach at least $39,000 soon,” he commented.

After a period of stability and some indecision in the market, it appears that many cryptocurrency traders and investors were waiting for clear signals. And this new forecast could put them on alert. After all, there is always debate about the right time to enter or exit the market.

When I zoom out I have a hard time not seeing Bitcoin hitting at least 39k in the short term.

We broke out of a multi-quarter range, and have put plenty of people in a position of discomfort, wondering if they should chase or not.

It would be a rare occasion for this to not… pic.twitter.com/WLCh6ihI5S

— HORSE (@TheFlowHorse) October 27, 2023

On the other hand, The Flow Horse also points to possible challenges on Bitcoin’s path. According to him, significant events in traditional financial markets could disrupt the cryptocurrency’s performance. However, the trader points out that, so far, even with corrections in the stock markets, the impact on the world of cryptocurrencies has been minimal. “Although we are far from previous peaks, practically no fear indicators are active now”, he analyzed.

At the time of publication, the price of BTC was quoted at US$34,459.56, up 1% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.