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According to a technical expert, bitcoin's next major spike will be around $70,000

Adrian Zduczyk is a crypto technical analyst with over 500,000 Twitter followers under the handle crypto birb. He publishes frequent charts and discusses the clues that might indicate price movement in the future.

While many cryptocurrency investors concentrate on the project's fundamentals, Zduczyk adds another layer to his analysis: trading psychology, which may be seen in charting patterns.

He explained why he expects bitcoin will exceed $120,000 by the conclusion of this bull run in a recent interview with Insider. But, before it reaches that level, he believes the $70,000 price point will be the next localized top-off to watch.

"Mainly because the roundup figures act as a self-fulfilling prophesy," Zduczyk explained. "As a result, rounded figures in technical analysis are unique. People pay a lot of attention to them, therefore they frequently function as both support and opposition."

Bitcoin has already demonstrated its power by reaching an all-time high of almost $67,000 on October 20. According to him, this top suggests that the market is becoming stronger and breaking through fresh resistance lines. It's also stayed put in the $57,000-$60,000 area.

Support and resistance lines are used by technical analysts to describe levels that operate as barriers because there is enough demand (or supply) to maintain prices above (or below) certain thresholds. Institutional engagement and the new bitcoin futures ETFs, among other factors, may be cited by a different type of investor that concentrates on fundamentals as reasons why bitcoin will reach $70,000 and beyond.

Bitcoin, for example, has been forecast to surpass $100,000 in the next months by a number of crypto specialists, even if the surge is unsustainable.

Many investors use bitcoin's price movement to predict what will happen to altcoins in the future. They have historically followed a cyclical pattern in which bitcoin rises, then large-cap altcoins, and finally lower caps.

Large caps that might follow closely behind

Ether, the second-largest cryptocurrency by market capitalization, is one of his favorites. Ether, like bitcoin, has just surpassed its all-time high, hitting $4,600 in the first week of November. This indicates that it will most likely continue the same path as before, he added.

Litecoin is the second cryptocurrency he predicts will follow closely following bitcoin (LTC). During the bull run, this cryptocurrency might possibly conduct a 10x pump and reach highs of $1,500 to $2,000 per coin.

This is due to the fact that, unlike ether, litecoin has failed to recover from its all-time high of $410 set in May. It's still more than half the price of its peak, making it a bargain.

According to CoinMarketCap, it was trading near $199 on Thursday.

Chainlink is the third cryptocurrency that might follow suit (LINK). It's in a similar position to LTC in terms of technical analysis. It's a large-cap altcoin that will most likely absorb the money that will leave bitcoin once it reaches its peak. It, too, hasn't recovered from its all-time high of $52 set in May.

According to CoinMarketCap, LINK was trading at $33.40 on Friday.

Polokadot, Solana, Cardano, and Polygon are other large-cap cryptos to examine that will likely lag bitcoin, he added.

By Flexi Team

*DISCLAIMER: This article and its publication are intended to provide a brief introduction and act as a general guide. This is provided for information purposes only and cannot be utilized as a substitute for professional advice. This document does not represent a legal opinion and one must not rely on it without receiving independent advice based on the particular facts of its own case. No responsibility is accepted by the author or the publishers for any loss suffered from acting or refraining from acting based on the contents of this publication.

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