A closely followed crypto analyst says the next Bitcoin breakout could create enough momentum for sidelined traders to finally jump into BTC.
Pseudonymous analyst The Crypto Dog tells his 804,500 followers on the social media platform X that he’s looking at $65,000 as the level where momentum fully swings back to the side of BTC bulls.
“Break >$65,000 should trigger serious FOMO (fear of missing out).
The strength vs. alts may be what’s needed to push $70,000+.”
According to the analyst, the current Bitcoin correction appears to be “one big shakeout” designed to force traders to unload their coins before the big move up.
He also says that Bitcoin will likely begin its rally if it takes out a diagonal resistance, which is currently hovering at around $62,000.
“Will add to long on break, so will many others.”
With Bitcoin trading at $60,617 at time of writing, the analyst says he is starting to enter long positions in BTC.
But the analyst’s bullish stance on BTC doesn’t extend to altcoins, specifically Solana (SOL).
The analyst says he sees SOL losing as much as 17% of its current value before stabilizing.
“Feel like we could see SOL in $120s… SOL is STRONG. Performs as powerful on the way up or down.”
At time of writing, SOL is trading for $142.
Generated Image: DALLE3