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A widely followed crypto analyst says that Bitcoin’s (BTC) still has upward momentum while updating his outlook on payments network Stellar (XLM).
In a new thread on the social media platform X, pseudonymous crypto strategist Rekt Capital tells his 519,600 followers that it appears as if the top crypto asset by market cap’s technical uptrend will remain in place.
“Bitcoin continues to hold its four-week technical uptrend line as support Bitcoin would likely need to lose this uptrend line if a deeper correction is to take place from these levels. So far, the technical uptrend remains intact.”
The trader’s chart suggests the crypto king could surpass the $105,000 price tag by early next year. Bitcoin is trading for $100,253 at time of writing, a 2.1% decrease during the last 24 hours.
Moving on to the XRP rival Stellar, the analyst says in his newsletter that the digital asset has surpassed one of the most important reference points in terms of price and that any further pullbacks should be a retest of this zone.
“The Binance Listing Price (green box) has historically been an important reference point for price. It has served as a strong resistance (pre-2019 and 2022) and it has served as a support (early 2021).
Going forward, any deeper pullbacks should see XLM tag this region for a post-breakout retest of it; this region’s significance as a reference point cannot be understated and price has somehow managed to find ways to tag this region as support throughout its history. Can history repeat in that regard this time around as well?”
XLM is trading for $0.439 at time of writing, a 1% decrease on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Oleksandra Klestova/pikepicture
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