Analyst Predicts Bitcoin Breakout Could Spark Major Bullish Momentum

A closely followed crypto analyst, The Crypto Dog, is signaling a potential major breakout for Bitcoin that could create enough momentum to attract sidelined traders into the market. Sharing his insights with his 804,500 followers on X (formerly Twitter), he highlights $65,000 as a crucial level that, if breached, could shift momentum back to BTC bulls significantly.

$BTC giant bull flag 🔥

The #Bitcoin breakout pump will be legendary 🚀 pic.twitter.com/QA8WG3trvE

— crypto.india (@an3991) August 4, 2024

According to The Crypto Dog, surpassing the $65,000 mark should trigger serious FOMO (fear of missing out) among traders. “The strength vs. alts may be what’s needed to push $70,000+,” he suggests, indicating a robust rally if Bitcoin can break through this resistance level.

He describes the current Bitcoin correction as “one big shakeout,” a move likely designed to force traders to unload their coins before a significant upward move. This strategy, he implies, sets the stage for a potential bullish run once the shakeout phase concludes.

The Crypto Dog points to a diagonal resistance currently around $62,000 as a critical trigger point. “Will add to long on break, so will many others,” he states, suggesting a strong wave of buying activity if this resistance is overcome.

At the time of writing, Bitcoin is trading at $60,617. The analyst reveals he is starting to enter long positions in BTC, preparing for the anticipated breakout and subsequent rally.

However, The Crypto Dog’s bullish stance on Bitcoin doesn’t extend to all altcoins, particularly Solana (SOL). He predicts that SOL could lose up to 17% of its current value before finding stability. “Feel like we could see SOL in $120s… SOL is STRONG. Performs as powerful on the way up or down,” he notes.

Bitcoin continues to trade sideways. Nothing has changed since March. Your favorite influencer that told you to buy over a random number like 60k isn’t your friend. It’s why you buy breakouts. $BTC pic.twitter.com/TasYJ8ebLi

— KarSun (@KarSun01) August 4, 2024

Currently, SOL is trading at $142, and The Crypto Dog’s forecast suggests potential further downside before a recovery.

In summary, The Crypto Dog sees a promising outlook for Bitcoin, with key levels to watch at $62,000 and $65,000. A breakout above these points could lead to significant gains and renewed market enthusiasm, while altcoins like Solana may face additional challenges in the near term.

Key Points:

i. Crypto analyst The Crypto Dog believes a breakout above $65,000 will trigger significant FOMO and push Bitcoin beyond $70,000.

ii. He views the current Bitcoin correction as a strategic shakeout designed to drive traders to sell before a big upward move.

iii. The analyst is looking at $62,000 as a critical level, with a breakout potentially igniting the rally.

iv. While bullish on Bitcoin, he is less optimistic about Solana (SOL), predicting a possible 17% drop before stabilization.

v. The Crypto Dog has begun entering long positions in BTC, anticipating a strong upward trend.

Fallon Jacobson – Reprinted with permission of Whatfinger News