There are all kinds of optimistic predictions about the price of Bitcoin, especially with all the latest reports coming from the crypto space and the geo-political moves as well. Check out the latest reports about the matter below.

Bullish new argument for Bitcoin

According to a well-known analyst, Bitcoin (BTC) could continue its upward trend after a sudden rise. The pseudonymous analyst, Cred, shared his opinion with his 53,500 subscribers on the TechnicalRoundup YouTube channel.

He stated that if Bitcoin manages to stay above a crucial level, it could signal the continuation of bullish momentum for the leading cryptocurrency.

On Monday, BTC surged to $30,000 following a false claim by a news site that the U.S. Securities and Exchange Commission (SEC) had approved a Bitcoin exchange-traded fund (ETF) for the spot market.

The analyst stated the following:

“If this is a daily breakout, obviously it’s messy where it’s ended up, because it’s a very fast move and into this prior area, the pre-breakdown range at $29,000, and we actually tapped $30,000… But structurally speaking, fake news or not, retrace or not, as long as the market can hold on a daily closing basis $28,000, then even if this wick weren’t there, then that would still be a compelling bullish argument.”

He continued and reported more details about the analysis:

“I think that’s a really good way to think about and process this type of price action. If I take my levels, I take my high timeframe closes, if this wick weren’t there, what would my analysis be? And I think there is some merit to that, which is why I’m still focusing on levels and high timeframe candle closes because they can certainly filter for a lot of the noise that surrounds these types of market events. So bull-bear line on the weekly and the daily is $28,000.”

He also made sure to state the fact that if Bitcoin loses the key $28,000 level, it will likely retrace to the $26,000 range.

Leave a Comment