In a surprising turn of events, Bitcoin (BTC) has staged a remarkable comeback, leaving market participants astounded with its impressive 3.8% surge earlier this week. This unexpected surge not only astonished investors but also triggered a cascade of liquidations, totaling a staggering $75 million within the last 24 hours alone, as reported by U.Today.
The unexpected revival of Bitcoin’s price caught many off guard, especially considering the cryptocurrency’s consistent decline throughout the previous week. However, one individual, Chris Burniske, the former head of crypto direction at the renowned ARK Invest, had foreseen this situation.
In a tweet posted the evening before the surge, Burniske hinted at the possibility of a BTC breakout, a prediction that proved to be remarkably accurate.
It’ll get real if we break & hold $28K 🥂 https://t.co/kZgfyNpsQW pic.twitter.com/u0863aVZq5
— Chris Burniske (@cburniske) October 16, 2023
Following today’s significant surge in Bitcoin’s price, Burniske took to social media once again, stating, “It’ll get real if we break & hold $28,000.” The analyst’s insight suggests that the ongoing crypto market celebration hinges on Bitcoin’s ability to break and sustain a value above the $28,000 mark.
It is worth noting that this crucial level was briefly touched on Bitcoin futures on Binance, with the spot market price reaching a peak of only $27,980 earlier today. This further indicates the significance of the price level highlighted by Burniske.
The analyst also emphasizes the importance of the consolidation. According to trading textbooks, the duration in which the price remains above the crucial level will serve as a strong signal for market trends. The longer the consolidation above this level, the more a resurgence in the BTC price is likely.
