Based on previous Bitcoin breakouts, experts predict a massive upside for the leading crypto asset by market cap in the coming weeks or months.
Following the increasing institutional adoption of Bitcoin and the growing interest from individual investors, Bitcoin price has regained momentum in the crypto market, trading above $31,000 at the time of writing. Amid this run, some experts expect a rally to $36,000.
Expert Says $36,000 Is the Next Target
Recall that BTC price slumped to the $24,800 area in June following the SEC lawsuits against the two top crypto exchanges, Binance and Coinbase.
Courtesy of the flurry of Bitcoin ETF filings from leading asset managers such as BlackRock and Fidelity Investments, which sent a positive wave across the crypto market, Bitcoin price rebounded to the $31,000 level on Tuesday.
According to the founder and managing partner of Fairlead Strategies, Katie Stockton, the recent rally in Bitcoin price is just getting started as she believes there’s potential for further upside.
Based on the previous BTC price breakout projection and a volatility index breakdown, the Chartered Market Technician and ETF portfolio manager submitted that Bitcoin might be heading to $36,000 next after its stunning pullback from the $25,000 support level.Â
“For Bitcoin, we saw pull back into that $25,000 support area, and it’s resumed higher,” Katie Stockton said during a Monday analysis session on CNBC. “We think there’s upside to about $36,000 based on the projection from the last breakout,” she added.
Squawk Box’s Joe Kernen noted that traders should not expect a new all-time high in Bitcoin price so soon, stating there is no sellout bottom yet. More so, Kernen implied that capitulation is needed for a sustainable bull market to set in.
Bitcoin Reclaims $31,000
Meanwhile, Bitcoin closed above $31,000 yesterday for the first time in over a year after reclaiming the territory again. Despite persistent bearish pressure, the asset’s resilience has signaled a resurgence of bullish sentiments.
BTC closed yesterday with a 1.76% gain, retaining its hold above $31,000. However, a bearish start today has resulted in a decline below the psychological level. BTC is currently changing hands at $30,927, seeking to recover the $31,000 territory.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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