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CryptoQuant analyst Burak Kesmeci believes that Bitcoin (BTC) could continue its upward trend if its price can stay above $88,000. This comes after the asset successfully broke through its psychological level, which is $80,000.
“The next target is the 3-6 month group, $88,000. This is a critical resistance for Bitcoin. If the price remains above $88,000, all short-term cohort groups turn positive, short-term holders switch to profit, and they start sharing success stories with everyone around them,” he noted, citing CryptoQuant platform, Sunday (05/10).
According to him, short-term market participants are the engine of market momentum. Therefore, when they realize profits, it can be an indicator of market movement, and vice versa.
Disclaimer Alert. Not Financial Advice (NFA). Do Your Own Research (DYOR).
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