The Bitcoin price holding around $20k even with the Binance Smart Chain being hacked for $100M today, could be a bullish signal.
Popular crypto trader TraderSZ in his ‘Bitcoin for Ledges’ live stream has a short term long bias targeting $21,500.
Bitcoin Price Prediction Today – TraderSZ
Bitcoin has now closed three daily candles around the $20,000 level, and TraderSZ considers BTC to be in a macro support zone at the previous bull market all time high.
As the BTC is price is now holding around an area it was rejected from throughout the last two weekly candles – potentially a period of consolidation before expansion – he expects further continuation to the upside.
On the weekly TraderSZ charted the range high around $24,300 as an extended target, as well as stops above the $22,800 high.
He also expected the Bitcoin price to rally when CZ Binance released a tweet addressing the BSC exploit – which then happened.
Binance Smart Chain Hack
The Binance Coin (BNB) price is currently now down 3% in the past 24 hours, which TraderSZ also expects to recover fully.
TraderSZ is known for often shorting and being bearish, so his current bullish outlook – at least in the short term – is newsworthy.
Also charting the S&P 500, TraderSZ noted a bear market rally could take the SPX as high as 4,300, and still remain within the overall macro bearish trend seen so far in 2022.
New jobs data is set to be announced Friday – the US NFP – non-farm payroll report. That could cause some volatility in the Bitcoin price.
Initial jobless claims came in high yesterday which is bad for the DXY and potentially good for Bitcoin, trader Alpha BTC tweeted.