New Bounce For Bitcoin Is In Store – BTC Hits $27k

It looks like Bitcoin began gearing up for a bullish move all over again. Check out the latest reports here.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $27,204.

According to a crypto strategist who accurately predicted the Bitcoin (BTC) price floor in 2018, there may be a similar bounce for the leading cryptocurrency as we saw approximately four years ago.

Pseudonymous analyst Bluntz said that Bitcoin appears to be gearing up for a rally toward $29,000.

According to the top trader, Bitcoin’s current market structure looks similar to its price action in the second half of 2019 when BTC surged from around $8,000 to $12,000 in less than a month.

“I’m actually also open to the idea of BTC bouncing a little bit higher than the top of the channel, similar to 2019. (It) would probably give alts a fair bit of room to have decent bounces as well as some are looking set to do.”

He continued and stated the following:

“Personally I was thinking around $20,000 – $21,000 max but also long for now. I’ll be waiting to see how price action unfolds on this bounce. Always try to keep an open mind.”

A crypto trader is keeping an eye on the smart contract protocol, Avalanche (AVAX), which seems to be in a favorable position for a potential price increase, according to the analyst’s observations.

“Beautiful setup on AVAX here: swept a major low, then immediately makes a nice engulfing on daily.

Not sure how high this ends up bouncing, but definitely worth playing for now, in my opinion.”

A popular crypto analyst is expressing confidence that Bitcoin (BTC) could print new all-time highs this year.

Pseudonymous analyst Credible Crypto said recently that Bitcoin could hit a fresh all-time high this year based on historical precedence.

Credible Crypto suggests that Bitcoin has the potential to repeat past impulse waves, including the one observed in 2020. During that time, BTC faced significant challenges in surpassing a critical resistance level before ultimately reaching new record highs.