In our previous Bitcoin analysis Next Bitcoin Target $54k. Here Is Why we talked about the high probability for the Bitcoin price to keep on surging higher after it broke through the rising triangle pattern it has been ranging in for a while now.
Well that $54k price target has been met exactly. The biggest question traders are now asking is what next.
Should we expect to see Bitcoin continue surging higher to $60k or are we due for a price correction?
In this Bitcoin analysis, we will be trying to answer that question using a new key level that has just formed as our reference.
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Watch This Level
Bitcoin just broke out of a rising channel price has been trading in. And for the Bitcoin price to continue surging higher, the crypto bulls need to hold the price above the channel.
A price crash back into the channel will only see Bitcoin continue to range within the channel or grow weaker and retrace in the coming days.
However, we will remain bullish on Bitcoin until the price breaks through the $44,287 support region. A break of this region will signify that the Bitcoin price is already getting weaker and we can expect to see more retracement in the coming days.
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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin and Chainlink chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With