Bitcoin May Face Resistance At These Levels
According to a CryptoQuant Quicktake post by contributor Crazzyblockk, the cost basis (Realized Price) of BTC Short-Term Holders (STH) provides a snapshot of important support and resistance zones.
Notably, the STH Realized Price highlights the aggregate price at which recent market participants acquired their BTC. This information can give analysts an idea about potential price levels that can influence investors’ behavior to either take profits or hold their positions.
Crazzyblockk highlighted multiple price levels that could function as potential profit-taking zones. For instance, new ATH above $125,000, it must now break above the ascending channel and aim for a $130,000 target. Failure to break through could lead to price correction for the cryptocurrency.
Potential BTC Targets?
While some analysts fear that BTC is close to topping out for this market cycle, others are relatively more optimistic. For example, seasoned crypto analyst Ali Martinez predicts that BTC may reach $140,000 based on pricing bands.
Similarly, crypto analyst Alex Adler Jr. forecasted that BTC may surge as high as $160,000 if two key conditions are met. Further, depleting BTC reserves on crypto exchanges may hasten the digital asset’s upward price trajectory.
Finally, if Bitcoin follows its trajectory from the 2021 market cycle, then it could target at least $136,000, with an extended target of $147,000. At press time, BTC trades at $122,113, down 2.2% over the past 24 hours.
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Author: coinmaker