In the last 24 hours, Bitcoin has maintained its upward momentum, experiencing a remarkable 6% surge surpassing the $52,400 mark, and achieving a remarkable market cap of over $1 trillion surpassing major players like Tesla.
Amid this ongoing rally, a notable technical analyst, known as Titan of Crypto, has confidently predicted that Bitcoin is poised to reach $55,400 by the upcoming week.
Bitcoin’s Next Target – $55,400
In a recent tweet, Titan of Crypto, a well-known crypto analyst, shared insights into the potential future movement of Bitcoin, suggesting that $55,400 could be the next target.
Looking at his detailed chart analysis, he points out that Bitcoin already achieved both $50,900 and $51,546 levels, with a focus on how $50,900 is a strong support level.
#Bitcoin $55,400 could be next ! 💥🚀
As I’ve been asked a lot what is next for #BTC in the comments. Here’s my analysis. Bookmark it. 🔖
Both target 1 & 2 have been hit but $50,900 is a strong level. If Bitcoin manage to close a weekly candle above, target 3 at $55.4k is next.… pic.twitter.com/Ntydk07jaJ
— Titan of Crypto (@Washigorira) February 14, 2024
Anticipating the next move, Titan of Crypto suggests that if Bitcoin manages to close a weekly candle above this critical support, the ambitious target of $55,400 could swiftly come into play.
What sets this prediction apart is the evident extremely bullish momentum in the market. The analyst goes further, expressing that given the current robust momentum, there’s a noteworthy chance that the predicted 3rd target of $55,400 might hit even before the weekends.
Bullish Momentum Amidst ETF Inflows
Further, another, crypto analyst Michael van de Poppe highlighted Bitcoin’s impressive rise, surpassing the $52,000 mark to achieve a new yearly high.
The inflow in the ETF is great for #Bitcoin.
However, it’s not the sole argument for the markets to move.
If I look at this clean chart, it suggests that we’re:
– Super bullish.
– Slightly overheated.
I wouldn’t be unhappy if we got a slight correction to return to reality. pic.twitter.com/ZNnoNQGeeK
— Michaël van de Poppe (@CryptoMichNL) February 15, 2024
Poppe further predicts a potential peak in the Bitcoin price range, estimating it to fall between $54,000 and $58,000. This projection is set before the upcoming halving event, adding an intriguing layer of anticipation to the market dynamics.
Bitcoin Imminent For Correction
Meanwhile, Poppe expresses a level of comfort with the idea of a minor price correction. He observes a slight overheating, suggesting that the market might need a small correction to return to a more realistic value.
Poppe sees this as a necessary adjustment, ensuring that the market stays in line with a more reasonable and balanced valuation. As Bitcoin continues its impressive rally, analyst insights provide valuable perspectives for investors and traders.
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