Expert sets Bitcoin’s next target to validate ‘long-term bullish confirmation’ 
Cryptocurrency Jul 16, 2024 Share
With Bitcoin (BTC) soaring above the $60,000 mark, a majority of market interest is focused on the maiden crypto holding gains above this level in search of a new record.
In this regard, crypto trading expert TradingShot, in a TradingView post on July 16, pointed out that Bitcoin needs to clear specific levels to validate its long-term bullish momentum.
In identifying the next crucial target, the expert acknowledged that Bitcoin recently broke above its 50-day moving average (1D MA50), marking the first time it has done so in over a month since June 18.
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The cryptocurrency surpassed this crucial resistance level and closed the one-day candle above it, indicating substantial short-term buying pressure.
According to TradingShot, Bitcoin is currently experiencing its third bullish leg within this channel-down pattern. The first bullish leg recorded a 24.20% increase, while the second leg showed a slightly higher gain of 27.38%. Based on this progression, the expert anticipates the current bullish leg to achieve a 30.49% increase.
Bitcoin price analysis chart. Source: TradingView/TradingShot
Bitcoin’s key levels to watch
Given the progression of these bullish legs, TradingShot set a target of $69,500 for Bitcoin, slightly below the projected 30.49% increase from the recent low. This target is crucial for Bitcoin to achieve long-term bullish confirmation.
“We are aiming for $69500, slightly below the +30.30% mark. We will have a long-term bullish confirmation once BTC breaks above March’s Resistance Zone,” the expert stated.
The long-term bullish confirmation will be validated once Bitcoin breaks above the resistance zone established in March, following the crypto reaching a new all-time high above the $73,000 mark. Achieving this milestone would indicate a significant shift in Bitcoin’s trend, potentially leading to higher gains in the future.
Additionally, TradingShot’s projection aligns with the outlook provided by another crypto analyst, Michaël van de Poppe, who believes Bitcoin is primed for a record high in the third quarter. In an X post on July 16, Poppe noted that as long as Bitcoin sustains its price above $60,000, it should maintain positive gains.
Bitcoin price analysis chart. Source: TradingView/Michaël van de Poppe
Notbaly, after consolidation below this crucial point, the market has been anticipating Bitcoin’s recovery above the $60,000 level. Bitcoin seems to have moved past the bearish sentiment caused by the Mt. Gox repayments and the German government’s decision to sell its Bitcoin holdings.
Bitcoin’s recovery has been partly buoyed by news surrounding the failed assassination attempt on former US President Donald Trump, who has recently emerged as a pro-crypto politician.
Bitcoin price analysis
As of press time, Bitcoin was trading at $63,365 with daily gains of almost 1%. Over the last seven days, Bitcoin is up about 10%.
Bitcoin seven-day price chart. Source: Finbold
Currently, attention is focused on Bitcoin’s ability to reclaim the $65,000 mark, as this level remains a key resistance point toward reaching the $69,500 target.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
