- If the price manages to go past the $28k resistance level, then it will likely test $31,480.
- Crypto Michael, an analyst, recently predicted an upcoming price surge for Bitcoin.
Bitcoin and other cryptocurrencies were lately facing severe downtrend due to fears that FTX may unload its cryptocurrency holdings. This selling pressure resulted in Bitcoin drop terribly and a general decline throughout the cryptocurrency market. Fear of selling pressure from FTX subsided, however, and BTC prices climbed back over $26,500, breaking the key resistance level of $25,680.
Even if there were signs that inflation was more tenacious than predicted, Bitcoin and other conventional markets had ignored these news the day before and continued to rise. Crypto Michael, an analyst, recently made a video in which he predicted an upcoming price surge for Bitcoin.
Fresh Rally Likely?
Moreover, the expert in the video seems to think Bitcoin is starting to show some strength and is getting ready to start an upward trend. Referencing past price movement, in particular, the analyst predicted that Bitcoin’s price may increase to $45,000 by the time of the halving the following year.
Source: CoinMarketCap
The current Bitcoin price is $26,651 at the time of this writing as per data from CMC. Midway through June, the support level at $25,000 served as a springboard for BTC’s subsequent ascent to an annual high of $31,700.
If the price manages to go past the $28,000 resistance level, then it will likely test the July high resistance level at $31,480. Post the breakout, the price will likely start a fresh rally all the way till $46,700 mark. Contrarily, if the price breaks below the $25,450 support level then it will likely test the $25,000 key support level.
