Crypto analyst Jordan has predicted that the Bitcoin price could reach $80,000 in the short term. The analyst pointed to a bullish trend in February that could trigger this rally for the leading crypto.
Bitcoin price eyes rise to $80,000 on this trend
In one X messageJordan predicted that the Bitcoin price could rise to $80,000, citing a bullish trend that started in February. This was around the time BTC formed a new one locally low of $60,000. Since then, the leading cryptocurrency has risen again to $76,000. The analyst noted that BTC rose every time the price tested support in the lower $60,000 range.
Related reading
Jordan said if the Bitcoin price can hold this level, there could be momentum towards the $80,000 to $84,000 CME gap. He added that it is interesting that the price has remained above the key support levels despite the support the war between the US and Iran. Crypto analyst Doctor Profit also indicated that BTC could rise above $80,000 in the near term.
In one X messagehe stated that he will look to enter new short positions between $79,000 and $84,000 if the Bitcoin price revisits that zone. He further noted that he sees a high average probability of BTC reaching this zone. However, he added that given the geopolitical situation with the war in Iran, he doesn’t think the risk-reward is worth going long in the hope that BTC will rise above $80,000.
Doctor Profit also reiterated that the Bitcoin price in a bear market and that the price has not yet bottomed out. Therefore, he believes that placing short orders between $79,000 and $84,000 is a much safer bet with targets under $50,000.
No time to buy BTC yet
Crypto analyst CrypFlow mentioned that this is not yet the time to buy BTC, as the Bitcoin price has not yet bottomed out. He noted that the 2-month stochastic RSI bullish cross is a signal that each cycle has consistently highlighted the best buying opportunities. The analyst explained that under this pattern, momentum falls below 20, sentiment turns negative and a bullish cross later confirms the shift.
Related reading
CrypFlow further noted that the cross marked the beginning of the bull run in cycles 2015, 2019 and 2023. This time, however, that cross has yet to happen. He noted that the stochastic RSI is resetting again and the situation is building, but the signal has not yet been activated, indicating that the Bitcoin price could fall even lower.
At the time of writing, the Bitcoin price is trading around $66,800, up in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com