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    Home»Bitcoin»Bitcoin’s Path to $130K Defined by Piper Sandler’s Chief Technician
    Bitcoin’s Path to 0K Defined by Piper Sandler’s Chief Technician
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    Bitcoin’s Path to $130K Defined by Piper Sandler’s Chief Technician

    By Crypto EditorNovember 21, 2024No Comments2 Mins Read
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    Craig Johnson, Chief Market Technician at Piper Sandler, shared his market views in an interview on CNBC. His feedback touched on Bitcoin’s momentum, sector efficiency developments, and key particular person shares, with all remarks reflecting his skilled evaluation.

    Johnson described Bitcoin’s current breakout as a bullish technical sign after months of consolidation. In keeping with him, the cryptocurrency may see an increase to $130,000, primarily based on technical evaluation. Johnson famous that such a breakout usually triggers further shopping for momentum, suggesting extra market members might chase the upward development. He mentioned, “As a technician, we’re simply on the lookout for development,” highlighting his reliance on charts to evaluate potential strikes.

    Put up-election developments usually favor small and mid-cap shares, Johnson defined. He cited historic information, stating that these segments have outperformed the S&P 500 roughly 82% of the time between election day and year-end. Johnson projected this development would proceed via 2025, suggesting a shift in market management.

    Johnson addressed NVIDIA’s muted inventory response following its earnings report. He attributed the subdued efficiency to the excessive expectations already factored into the share worth. Regardless of this, Johnson mentioned that Piper Sandler’s high semiconductor analyst has raised projections for NVIDIA, viewing any short-term pullbacks as potential shopping for alternatives.


    Discussing Goal, Johnson pointed to ongoing pressures on the inventory. He famous that the corporate’s shares have entered a worth hole, which may drive the inventory decrease to about $113. Johnson talked about that gaps like these have a tendency to shut, a technical commentary signaling additional draw back threat.

    When discussing market sentiment, Johnson famous that enthusiasm stays targeted on high-flying shares. Nonetheless, he emphasised that solely two of the so-called “Magnificent Seven” mega-cap shares—NVIDIA and Meta—rank among the many high 50 performers over the previous two years. Johnson identified that different shares, resembling these in industrial sectors, have delivered stronger returns.

    On the time of writing, Bitcoin has been buying and selling at round $97,237, up 2.6% previously 24-hour interval.

    Featured Picture through Pixabay



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