- Crypto trader Cold Blooded Shiller predicts a Bitcoin breakout based on technical analysis and market psychology
- Bitcoin’s formation of higher highs and higher lows on higher timeframes indicates a strong uptrend, potentially leading to a sharp move upwards if it surpasses $70,000
- A lack of hype around Bitcoin combined with skepticism from previous failed breakouts may set the stage for an unexpected surge
Crypto trader Cold Blooded Shiller has outlined a bullish outlook for Bitcoin (CRYPTO: BTC), pointing to technical analysis and market psychology as key factors for a potential breakout.
Bitcoin’s Recent Price Action
In a Friday update on his YouTube channel, the trader emphasized the significance of Bitcoin’s recent price action, particularly the formation of a higher high and higher low pattern on higher timeframes. He noted, “This is the first time we’re seeing an uptrending structure on the higher time frame,” referencing Bitcoin’s ongoing challenge of the $67,000-68,000 resistance zone.
While not guaranteeing an immediate breakout, the trader suggests that if Bitcoin surpasses the $70,000 level, it could rapidly move toward the $77,000-80,000 range on a weekly close.
Market Psychology
He also highlights the psychological aspect of the market, noting that current sentiment might favor a breakout. With attention drawn away from Bitcoin and focused on meme coins, he argues that the lack of hype around Bitcoin combined with skepticism from previous failed breakouts may set the stage for an unexpected surge.
Technical Analysis
The trader points to additional technical indicators supporting his bullish case. He mentions that the weekly RSI (Relative Strength Index) setup looks “phenomenally strong,” signaling the potential end of a corrective phase. A move into overbought territory on the daily RSI would be significant given that Bitcoin hasn’t entered this zone for the past seven months.
Cold Blooded Shiller disclosed a long position with an entry at $60,000 but remains confident that the current market conditions, both technical and psychological, differ from previous resistance tests which could lead to a strong breakout.
Conclusion
The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov 19.
