The popular cryptocurrency analyst discusses how Bitcoin (BTC) could rise to $58,000 levels under uncertain macroeconomic conditions. A closely followed crypto strategist is mapping potential price paths for Bitcoin (BTC) to surge to $58,000 amid an uncertain macroeconomic backdrop. Details of the subject are on Kriptokoin.com.
Under what conditions can Bitcoin see the levels of 58 thousand dollars?
In a recent strategy session, renowned crypto analyst nicknamed Cred says that three macro factors influence investor sentiment in crypto markets. The first of these 3 factors is the Federal Reserve’s hawkish stance, which includes potentially reducing asset purchases and raising interest rates to combat inflation. Cryptocurrency analyst Cred also touches on the growing tension between Russia and Ukraine and the energy crisis in Europe. While analyst Cred says that uncertainty is the current narrative dominating the market, he believes there are two scenarios where Bitcoin (BTC) could still pull off a strong rally. In the first bullish scenario the crypto analyst says:
In terms of bullish continuation, I will need to see a breakthrough where it converges and these converging resistance levels [$43,000 – $47,100] and that should happen on at least the weekly time frame… Strength through resistance or a lot. I would expect a shallow retracement before a push towards the higher [$58,000] range. Or some kind of impulsive breakthrough. You go through a period of consolidation and it [does not] give you another pullback and it doesn’t go straight up.
Even if Bitcoin (BTC) doesn’t pick up its sudden resistance soon, crypto analyst Cred believes that Bitcoin (BTC) could still ignite a surge provided it forms a higher low. . Crypto analyst Cred says on the subject:
In terms of market structure, yes, the closest level is $40,000 daily… But if we release this wick a bit or just use the weekly timeframe, a deeper retracement candidate for a higher bottom That would be $38,000 feet. Even if you don’t rush into the high range [$58,000] before at least taking a resistance test.
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