Bitcoin price is currently hovering around $58,500, resulting in a slow and stagnant market. However, Dylan, an analyst from Crypto Banter, has identified a key level that could change the direction of the market. He explained that although it was a quiet weekend for Bitcoin, the $59,500 level should be closely watched.
The key question is whether BTC can sustain above $59,500, which could then pave the way for an upside target of $61,600. According to Dylan, $62,000 is a significant level as it has been tested four times and rejected each time.
He said that $61,500 and $62,000 are critical levels to watch. On the downside, $57,500 is also an important level where significant activity has taken place.
Bitcoin Fear and Greed Index: Is Altcoin Season Coming?
According to the Fear and Greed Index, we are now at the same level as when Bitcoin was below $30,000. Yesterday, the index dropped to 25, which is often seen as a good buying opportunity as it indicates a possible trend reversal.
In fact, some altcoins started to recover somewhat over the weekend. However, with the index now at 31, the market remains fearful, as can be seen from this chart. The fear is palpable, and altcoins are suffering across the board.
Can Bitcoin rise by 160%?
The analyst explained that Bitcoin could potentially rise by 160%, although this could take some time. According to recent data, Bitcoin is currently being heavily shorted, with funding rates at their lowest levels of the year. This means that those holding short positions are paying fees to those holding long positions, which could be a sign of a market bottom.
Furthermore, technical indicators such as the MACD are showing bullish signs, suggesting that Bitcoin could continue to rise. The Fear and Greed Index is also low, another signal that a reversal could be imminent. While this will not happen immediately, the signs point to a possible short-term bullish move in the market. Altcoins are also showing promising signs, with TOTAL3, which tracks all altcoins except Bitcoin and Ethereum, on track to make a trend high.
