While the leading cryptocurrency Bitcoin rose above $ 57,000, reactivating the bullish sentiment among investors, new Bitcoin statements came from Katie Stockton, the founder and managing partner of Fairlead Strategies.
Stockton, a well-known name on Wall Street, said in a note to his clients on Monday that new rises are at the door of BTC.
At this point, he claimed that Bitcoin had risen above the critical resistance level of $48,600, remained here permanently, and that this indicated a “medium-term uptrend on the Bitcoin chart.”
In line with his bullish expectation, Stockton stated that he expected the upward trend in Bitcoin to continue towards the short-term and “final” resistance levels of $56,400 and $64,900, respectively. Stockton’s initial prediction of $56,400 came true in a short time.
The successful analyst included the following statements in the note:
“Bitcoin confirmed persistence above the $48,600 resistance level, indicating a medium-term bullish trend on the BTC chart.
However, although short-term technical indicators suggest there may be a period of consolidation in the coming days, Bitcoin has positive long-term momentum according to our trend following indicators and there is no oversold ‘sell’ signal on the monthly chart.”
BTC’s rise to $64,900 represents a potential upside of 22% from current levels.
Bitcoin continues to trade at $56,256 at the time of writing.
*This is not investment advice.
More Stories
Bloomberg Expert Says Ethereum ETF Approvals Are Overhyped Next To Bitcoin
Bitcoin (BTC) on Way to $70,000, Shiba Inu (SHIB) Keeps Troubles Away, XRP Hits Crucial Resistance Level
Analyst Says This New Cryptocurrency Will ‘Launch Millionaires’