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The Bitcoin price is comfortably trading above the $107,000 zone, providing a bullish outlook for the flagship crypto. Crypto analyst Daan Crypto has commented on the current BTC price action and revealed why market participants still need to be cautious.
Why Investors Need To Be Cautious About The Bitcoin Price Action
In an X post, Daan Crypto stated that the Bitcoin price rally is driven by big perpetuals to push higher and squeeze last week’s highs. He told market participants to be cautious with these kinds of moves early in the week. The analyst added that if the BTC price can trade and hold above $107,000, it will show a good amount of strength.
However, Daan Crypto believes there is still a need to be cautious even if the Bitcoin price holds above $107,000. He stated that the quick Open Interest increase is something that investors want to get rid of to get a clean reset before really getting excited. His warning suggests that this perpetual driven rally might not be sustainable, with BTC likely to correct at some point.
Source: Daan Crypto Trades on XCrypto analyst Kevin Capital also echoed a similar sentiment. In an X post, he stated that there is a lot of work to be done and that investors should not get overly excited about the recent Bitcoin price rally. The analyst noted that it is great to feel the optimism, and the charts do look very solid. However, there is still a long week ahead with a lot of “macro data crossing the wires.” In line with this, he urged market participants to stay grounded and calculated.
The macro data on the horizon includes the US CPI data, which will come out today. This could determine whether there will be any Fed rate cuts this year. Meanwhile, the PPI inflation data comes out tomorrow, which could also impact the Fed’s decision.
BTC To Reach $120,000 By End Of Summer
In an X post, crypto analyst Titan of Crypto suggested that the Bitcoin price could rally above $120,000 by the end of the summer. He stated that the monthly chart suggests a potential surge toward the macro trendline. If this momentum holds, the analyst is confident that Bitcoin could aim for a rally towards $130,000 before the fourth quarter of this year.
Crypto analyst Mikybull Crypto told market participants to get ready for the Bitcoin price rally following the Golden Cross. He declared that the current price action is a bear trap indeed, indicating that BTC is going much higher.
At the time of writing, the Bitcoin price is trading at around $109,400, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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