Cryptocurrency markets are on edge as Bitcoin hovers around the $61,500 level, with analysts predicting potential volatility during Fed Chair Jerome Powell’s upcoming speech. Titan of Crypto, a prominent crypto trader, predicts that if Bitcoin breaks above $61,500, it could surge significantly to reach $110,848.
Bitcoin’s Next Target: $1,10,848
Amid ongoing market fluctuations, crypto trader Titan of Crypto has pointed to a critical level for Bitcoin investors to monitor closely. According to chart analysis, Bitcoin’s price at $61,500 is under scrutiny due to observed deviations that suggest a potential breakout.
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Titan of Crypto forecasts that if Bitcoin manages to surpass the $61,500 level, we could witness a surge in the price, potentially reaching $110,848. It’s essential to observe Bitcoin’s daily candle close and subsequent price action to gauge the strength of any potential upward movement.
Jerome Powell’s Speech
This forecast comes amidst broader market uncertainty, with investors closely monitoring Federal Reserve Chair Jerome Powell’s speech today. Powell’s remarks are expected to introduce volatility in the financial markets, potentially impacting Bitcoin and other cryptocurrencies.
Testing Key Support
In a recent tweet, cryptocurrency analyst Michaël van de Poppe highlighted pivotal moments ahead for Bitcoin, emphasizing critical price levels that will dictate its next move. Meanwhile, bitcoin is currently testing support around $60.5-61K, and breaking above $63K is crucial for a potential rally to its all-time high.
Further, Van de Poppe suggests that a successful breach of the $63K barrier could signal a bullish surge, potentially propelling Bitcoin towards its previous all-time high. This scenario hinges on Bitcoin’s ability to surpass $63K in the coming sessions.
IF Fail To Breach $60.5K
However, Van de Poppe also warns that if Bitcoin loses the $60.5K support level, the cryptocurrency could face a downward move towards the $52-55K support zone. This scenario underscores the importance of monitoring key levels for potential market direction.
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