Analyst predicted a "major rally" of bitcoin
The value of the first cryptocurrency could rise sharply by $2,000 if it manages to consolidate above $20,500, the specialist warned

Bitcoin is showing "positive signs," its price is capable of rising above $20,500, according to NewsBTC analyst Aayush Jindal. As of October 5, 10:05 NY time, the first cryptocurrency is trading at the level of $20.2 thousand, for the past 24 hours, it has risen by 2%.

The expert explained that at the hour chart of the bitcoin rate there is a support around $20.45 thousand. The nearest resistance is $20.45 thousand. If it remains above the level of $20.5 thousand, it may indicate the beginning of a new wave of growth, said Jindal.

"In this case, the price of bitcoin can overcome the resistance level of $21.2 thousand. The next key zone will be $22.5 thousand," the analyst predicted.

If the rate of the first cryptocurrency fails to overcome the level of $20.5 thousand, it will correct to $20.1 thousand, the specialist explained. Breaking through the support level of $20.000 may cause decrease in price down to $19.7. The main support zone will be around $19.5 thousand, after which the next target will be located at the level of $19.2 thousand.

Other news

Investing: Five altcoins with the highest growth potential
Reuters: Animoca Brands has lowered fundraising for Web3 to $800 million
Tether estimates first-quarter 2023 earnings at $700 million
U.S. prosecutors indicted Terraform Labs founder on eight counts
Bitcoin mining difficulty increased by 70% in a year
The hype over Arbitrum's airdrop brought down the project's website