Bitcoin’s Recent Gains May Signal the Beginning of a Dramatic Upswing – Here’s What Expert Says

The post Bitcoin’s Recent Gains May Signal the Beginning of a Dramatic Upswing – Here’s What Expert Says appeared first on Coinpedia Fintech News

Cheds, a popular anonymous crypto expert, is releasing a positive prognosis for Bitcoin now that the king coin is trading over $20,000, which coincides with the fact that Bitcoin is continuing to exhibit bullish movement.

The analyst believes that a significant price increase for Bitcoin is possible, citing the fact that BTC is in a position to continue this bullish reversal pattern. If we take a look at the trader’s chart, we can see that he anticipates that Bitcoin could soar as high as $37,000 if it is able to break through the resistance level located at $25,500. This indicates that there is an upside potential of over 75% for the king cryptocurrency based on current pricing.

According to Cheds, the fear of losing money might motivate traders to chase Bitcoin price increases. According to the cryptocurrency researcher, the fact that Bitcoin was able to close higher than its 200-day moving average is an indication of the cryptocurrency’s remarkable strength.

Bitcoin Breaks Bullish After Months of Struggle

Bitcoin’s value has increased by 1.1% in the last 24 hours, to $20,962, and by 21% in the last 7 days. Furthermore, the widely-cited Bitcoin Fear and Greed Index, which had been in the red for months, shifted into the ‘neutral’ zone over the weekend.

The indicator was last seen at its neutral value of 52 on January 15th, the highest level since April 5th, 2022. The fear and greed index takes into account a wide range of market and social data (such as recent volatility, market momentum and volume, social media activity, and Google Trends data) to determine the relative levels of these emotions.

This month has witnessed the king coin’s second-longest sequence of increases in history, with 12 consecutive days of growth. Despite suffering losses in the market meltdown that accompanied the FTX crash in early November 2022, the token is now up 24% from the beginning of the year.