Crypto expert doesn't rule out $37,000 BTC hike

While bitcoin has shown a confident reversal from $17,000 and has already reached $21,000, cryptocurrency experts are discussing further options for the development of events. One of these analysts, known under the pseudonym Cheds, gave his scenario for the further movement of bitcoin.

Cheds opinion is worth considering, as his Twitter account has already gathered almost 300,000 subscribers who follow the field of cryptocurrencies. According to Cheds, in the near future, BTC may start to rise quickly and give a good rally.

A cryptocurrency expert drew attention to the market, where he found an “inverted head and shoulders” pattern. According to him, such a figure makes it clear that above the $18,200 mark, there is an opportunity to reach $25,500, reinforcing this by the fact that the “base of the neck” should be above the $25,500 level.

According to Cheds, if Bitcoin can break the $25,500 mark, then we can expect to reach $37,000. If his prediction turns out to be correct, then BTC will add more than 70% of the current value.

The cryptocurrency expert also noted the psychological state of traders in the market. According to him, now many investors are afraid of possible missed opportunities. Consequently, they will want to buy as much BTC as possible in order to catch the departing train and get as much profit as possible.

Considering that recently BTC was able to kern above the 200-day moving average, according to analysts, the strength of buyers in the market is quite high, and therefore at the moment we can safely assume that the market is gradually moving into a bullish cycle.

If we talk not only about the flagship cryptocurrency, but also about altcoins, then in this case Cheds considers digital assets quite different from bitcoin, they will eventually follow the entire market and also begin to rise in price, but for this BTC will have to cool down a bit.