Popular crypto trader Crypto Rover, recently stated that Bitcoin could witness a 14% rally soon. According to the crypto trader’s projection, the bull case for Bitcoin would value the flagship cryptocurrency at $31,500, if it manages to break past the resistance level at $28,600.
Crypto Rover took to X (formerly Twitter) earlier today to share his latest BTC projections:
This is my important Bitcoin Chart Guide:
— Crypto Rover (@rovercrc) October 3, 2023
The daily chart looks promising in my opinion. The level to break is $28,600. If we break through this level, my next target is $31,500.
However, since we've confirmed a higher high on the daily timeframe, we might be witnessing the… pic.twitter.com/tYHi5KDTHx
According to Crypto Rover, BTC’s latest daily chart appeared promising, entailing a potential investment opportunity. The crypto trader told his followers that BTC could hike as much as 14% and reach a three-month high of $31,500. However, Bitcoin would have to beat the bears at the $28,600 level in order to reach that price.
The formation of a higher high on the daily timeframe of Bitcoin’s chart confirmed Crypto Rover’s theory. The higher highs represented the beginning of a new uptrend for BTC. As per the crypto trader, $27,220 was a critical support level for Bitcoin, which was expected to remain strong and hold BTC.
However, in the event that Bitcoin manages to break past the support level, it would enter a bearish pattern. Crypto Rover projected that Bitcoin could drop to a three-week low of $25,000 if it breaches the support level. Data from TradingView showed $24,700 as another key support level for the flagship cryptocurrency.
According to CoinMarketCap, BTC was trading at $27,550 at the time of writing, with a market capitalization of $537.4 billion. Over the past 24 hours, Bitcoin witnessed a trading volume of more than $15 billion. As per the on-chain analytics platform CoinGlass, $30.5 million worth of Bitcoin trades were liquidated over the past 24 hours. Additionally, the total open interest on BTC perpetual contracts decreased by 3.45% over the same period.
