After bouncing from a low of $22,620, bitcoin is trading above the $23,000 crucial mark ahead of its next move.
The largest cryptocurrency by market cap is currently trading at $23,201 at the time of writing this report, data from the Binance platform shows.
Investors King understands that the $23,000 mark is a key level for the flagship cryptocurrency for a possible swing upward.
This sentiment was also shared by a number of crypto analysts including popular crypto strategist Michaël van de Poppe and Smart Contracter.
Van de Poppe tells his 647,300 Twitter followers that traders who are betting against the king crypto may provide the necessary fuel for a rally toward his target of $28,000.
Van de Poppe, however, added that a correction towards $21,700 is also in play but not very likely.
“I’m still favouring a sweep of $21,700 as the most optimal long entry, but people are so hyped to get in the markets that most likely we won’t get it. In that regard, continuation to $26,000-$28,000 seems likely,” he noted on his Twitter page.
Sharing the same view, a crypto strategist who correctly called the end of BTC’s bull market in 2021, says a move above $23,300 will likely propel Bitcoin to $25,000.
“The way I see things right now, IF BTC flips $23,300 and ETH flips $1,680, THEN we see BTC to $25,000 and ETH with a good candle towards $1,9…before a major retracement,” he tweeted.
Meanwhile, the cryptocurrency market sentiment continues to increase. Investors who are feeling optimistic about the market conditions continue to plug more cash into crypto funds. Data from CoinShares reveals.
CoinShares noted that total investment assets under management are up 39% from this time last year and now stand at $30.3 billion—the highest since August 2022.