Crypto Analyst Believes BTC’s Price Is Ready for a Breakout

  • There will be a few key economic events happening this week that could have an effect on the price of BTC.
  • BTC is currently trading hands at $28,336.77 after a 1.65% price increase.

The crypto analyst, Crypto Rover, shared his opinion in his newest YouTube video on what the price of the crypto market leader, Bitcoin (BTC) could do in the coming days. According to the analyst, BTC’s price is currently poised for a breakout as the crypto king printed higher lows and lower highs over the last few weeks.

BTC / US Dollar 1D (Source: TradingView)

In addition to this, Crypto Rover stated that BTC’s price has been trading flat during this period as well. To support his bullish thesis, the analyst also highlighted that there will be a few key events happening in two days that could have an effect on the price of BTC.

These events include the FOMC Minutes as well as the US PPI data release. The analyst also pointed out the fact that historically, these types of events are almost always followed by a spike in volatility in the crypto market. Specifically, this volatility has previously led to a pump in the BTC price before or after the data was related.

BTC Bollinger Bands (Source: TradingView)

Another technical indicator to take note of is BTC’s Bollinger Bands are extremely narrow at the moment. That could indicate that the market is awaiting the outcome of the upcoming release of the newest US economic data, which supports the analyst’s thesis that BTC’s price could experience a breakout soon.

CoinMarketCap indicates that BTC is currently trading hands at $28,336.77 after a 1.65% price increase over the last 24 hours. The crypto king is also still in the green by about 0.02% over the last week.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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