• Wed. May 25th, 2022

Top Crypto Analyst Says Bitcoin (BTC) Needs To Hit This Level Before Swinging Higher

A prominent crypto analyst claims that leading digital asset Bitcoin (BTC) will trigger a huge rally once it breaks above a key price zone.

Trader pseudonym Rekt Capital recount its 292,000 Twitter followers that the top crypto asset by market capitalization should break out once it crosses the $43,000 mark.

“The most important BTC EMAs [exponential moving averages] and my [moving averages] that have historically dictated breakouts suggest that the level around $43,100 is [the] one to smash for a huge advantage.

Source: Rekt Capital/Twitter

The analyst Remarks that the last time BTC broke above the $43,000 price while continuing to maintain upward momentum, it led to a surge that pushed Bitcoin to its all-time high set in November 2021.

“BTC has made wicks to the upside past the $43,100 resistance a few times over the past few weeks.

This is why it is important for BTC to make a weekly close above this level, just like [previously] in August 2021.

Source: Rekt Capital/Twitter

The strategist then says that some of Bitcoin’s technical indicators are coming together to signal that BTC may see a price hike soon.

“Not only is BTC forming a low on its price on the weekly time frame, but it is also forming a low on indicators like the RSI [Relative Strength Index] or the MACD [moving average convergence/divergence].

Promising convergence.

Bitcoin is trading hands at $39,237 at the time of writing, down 6.5% in the last 24 hours but up 5% from its seven-day low of $37,387.

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