21 April, 2024

Crypto Trader Says Bitcoin Could Reach A 3-Month High Of $31,500

03 Oct, 2023

02 Dec, 2023

  • Crypto trader Crypto Rover believes that Bitcoin could potentially witness a 14% hike. 
  • The rally would take Bitcoin’s price to a three-month high of $31,500.
  • Crypto Rover’s bear case for Bitcoin projected a low of $25,000 upon breaching the $27k level. 

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:

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. 



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