Crypto analyst from the crypto world has conducted a detailed analysis of the current price trend of Bitcoin. Despite the prevailing market conditions, the analyst has expressed optimism regarding Bitcoin's future price movements.

Analyzing the Potential Break

The analyst suggests that a significant signal observed approximately a month ago hints at an upcoming major price movement in Bitcoin. This movement could potentially result in a 30% break in Bitcoin's value. The anticipated break might lead to Bitcoin's price either dropping to around $48,000 or surging to approximately $90,000. The direction of this anticipated move largely depends on whether Bitcoin surpasses its resistance levels or breaches its support levels. A stronger upward trend indicates a higher probability of an upward price movement.

At present, Bitcoin is experiencing choppy trading patterns and mostly moving sideways on the daily chart. It fluctuates between a support range of $67,000 to $68,000 and a resistance range of $72,000 to $74,000, signifying a neutral short-term forecast. Breaking above the $72,000 to $74,000 range, which is in proximity to the all-time high, would likely signify a notable upward trajectory, reflecting the continuation of the bullish trend.

Observing Potential Patterns

Examining the 3-day timeframe Bitcoin price chart reveals a potential formation of an inverse head and shoulders pattern, a bullish indicator. To confirm this pattern, Bitcoin needs to surpass the neckline around $71,700. Ideally, this breakout should be confirmed by a 3-day candle closure above $73,000 to $74,000, potentially propelling the price towards the $86,000 to $87,000 range.

On the contrary, a decline below the support level at $67,000 could result in a descent to the $63,000 to $64,000 range. A breach of the secondary support, particularly dropping below the $60,000 to $61,000 level, would signify a bearish trend, pulling Bitcoin's price down to approximately $50,000.

Influence of US Dollar Index

The crypto analyst also highlighted a recent short-term rebound in the US Dollar Index (DXY), indicating a potential bearish trend for Bitcoin and the overall cryptocurrency market. Historically, an upward movement in the DXY often correlates with a bearish trend in Bitcoin and other altcoins, while a downtrend in the DXY typically signals a bullish trend in the cryptocurrency market.

This analysis provides valuable insights into the current state of Bitcoin's price trend and the factors influencing its potential movements.