Bitcoin Looks Promising: $31,000 Price Breakthrough Expected Soon

Cryptocurrency market, especially Bitcoin (BTC), is volatile and unpredictable. However, Jackis, a well-known analyst in the crypto community, has provided insightful comments on Bitcoin’s current state that may benefit investors.

According to Jackis, Bitcoin’s weekly structure remains bullish, so despite potential dips, the overall trend is upward, and a break of the $31,000 level seems possible. However, Jackis also cautions that this bullish trend needs to be proven, and until then, investors should be cautious. On the daily chart, Jackis notes that the market has just swept the range low of $26,500, which could be seen as a potential deviation. However, despite this, the overall structure on the daily chart remains bearish, and investors should treat it as such until further highs are reclaimed.

Furthermore, Jackis believes the current structure of the Bitcoin market is bullish, but this could change quickly. He notes that the market is currently trading at a premium, known as the Golden Zone, compared to the H4 Swing. To continue pushing higher, the market needs to show real strength at this level. However, the current market conditions are challenging to read, and there are arguments for both bullish and bearish positions.

In addition to Bitcoin’s market analysis, a recent report by Kaiko, a leading provider of market data and insights, has indicated an interesting trend in the Bitcoin and Ethereum (ETH) markets. According to the report, the correlation between Bitcoin and Ethereum has decreased to its lowest level since November 2021, suggesting that the two cryptocurrencies are being driven by divergent idiosyncratic factors.

At present, Bitcoin is trading at $27,000, slightly below its 50-day Moving Average (MA). While BTC has reclaimed the $27,000 level, it has seen a minor decline of 1.4% over the last 24 hours.

Investors should be cautious of the market’s volatility and make well-informed decisions.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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