Adrian Zduńczyk – a crypto technical analyst with over 500,000 followers on Twitter under the username crypto_birb. The crypto trader explains the signals that could predict the future of crypto price auctions. Apart from techniques of investing, Zduńczyk has another factor that he believes that it impacts analysis which is trading psychology.
In an interview, Zduńczyk predicts that Bitcoin could surge above the $120,000 price by the end of this bullish run. However, before the cryptocurrency can top the mark, he said Bitcoin should jump across the $70,000 mark.
“Mainly because it works as a self-fulfilling prophecy for the roundup numbers,” Zduńczyk said. “So the rounded numbers in the technical analysis are very special. They often act as support and resistance because people pay a lot of attention to them.”
During the last weeks, Bitcoin has been leading a bullish run after topping an all-time high price of $67,000 on Oct.20. The price surge represents a strong run that is breaking new resistance lines, he added. According to Zduńczyk, Bitcoin is stable in the $57,000 to $60,000 range.
In trading, technical analysts rely on “support” and “resistance” lines to refer to levels that are acting as barriers. They are influenced by the demand (or supply). Meanwhile, other types of investors may focus on institutional participation and new bitcoin futures (ETFs) among other reasons that could contribute to Bitcoin’s pathway to $70,000 and beyond.
Cryptocurrencies that will follow Bitcoin trail
Several cryptocurrency experts predicted that Bitcoin could reach $100,000 in the upcoming months even if its rally is unsustainable. Some traders rely on Bitcoin’s price action to predict how things might go for Altcoins. For instance, altcoins are following a cyclical trend related to the decrease or increase of Bitcoin price.
Zduńczyk also mentioned Ether, the second-largest crypto by market cap. The digital currency has also reached an all-time high record shortly after Bitcoin did. Ether soared to $4,600 in the 1st week of November. This might suggest that it will follow that trail again whenever Bitcoin peaks, he said.
Another altcoin that Zduńczyk believes may surge behind is Litecoin (LTC). The digital token might do a 10x pump and surge to $1,500 to $2,000 during the bull run, he added.
He argued that Litecoin didn’t recover from its May all-time high of about $410 yet. The digital token is still 50% below that mark, making it cheap for the moment. As of Thursday, Litecoin was trading around $199, according to CoinMarketCap.
The 3rd crypto on Zduńczyk’s list is Chainlink (LINK). From a technical analysis point of view, it’s a similar one to LTC. LINK didn’t recover from its May all-time high of $52.
As of Friday, LINK was trading around $33,40, according to CoinMarketCap.
He concluded that large-cap cryptos that might follow Bitcoin trail include: Solana, Polkadot, Cardano, and Polygon.