A closely followed crypto strategist is unveiling a bullish outlook for Bitcoin now that BTC is trading above $20,000.
Pseudonymous analyst Cheds tells his 297,300 Twitter followers that a big rally may be in the cards for Bitcoin, with BTC poised to print a bullish reversal structure.
“Above $18,200 opens up the possibility of an inverse head and shoulders complex, multiple shoulders (or wide left) and head with neck-base at $25,500.”
Looking at the trader’s chart, he predicts that Bitcoin could surge as high as $37,000 should it take out resistance at $25,500, suggesting an upside potential of over 75% for the king crypto from current prices.
Cheds also says that the fear of missing out could drive traders to chase Bitcoin rallies. The crypto analyst adds that Bitcoin has managed to close above the 200-day moving average, which he says is a sign of notable strength.
“Legit surprised by the strength [of] BTC.
Gotta respect the pump.”
As for altcoins, Cheds believes that digital assets other than Bitcoin will eventually follow BTC’s explosive price action once the king crypto cools off.
“If BTC and ETH pause to consolidate, altcoins should make some serious noise.”
At time of writing, Bitcoin is changing hands for $21,137, up nearly 2% in the last 24 hours.