A Prominent Analyst Suggests Bitcoin Could Sustain its Uptrend
An influential analyst has stated that Bitcoin (BTC) may continue its upward trajectory following a sudden surge. The pseudonymous analyst, Cred, shares his insights with over 53,500 subscribers on the TechnicalRoundup YouTube channel. He believes that if Bitcoin manages to hold above a crucial level, it could signify ongoing bullish momentum for the leading cryptocurrency.
Bitcoin experienced a significant spike on Monday, reaching as high as $30,000. This surge was triggered by a false claim from a news site stating that the US Securities and Exchange Commission (SEC) had approved a Bitcoin exchange-traded fund (ETF).
Cred suggests that regardless of the retracement or the authenticity of the news, as long as the market maintains a daily closing value above $28,000, there is a compelling argument for bullish sentiment. He emphasizes the importance of analyzing levels and high timeframe candle closes to filter out market noise surrounding such events. However, if Bitcoin fails to hold the key $28,000 level, it may retrace to around $26,000.
Bitcoin’s Current Price
As of now, Bitcoin is trading at $28,496.
Hot Take: Potential for Continued Bullish Momentum in Bitcoin
Despite experiencing a rapid surge and subsequent retracement, Bitcoin may still be on an upward trend according to prominent analyst Cred. He believes that if Bitcoin can maintain a daily closing price above $28,000, it would provide a strong case for continued bullish momentum. Cred emphasizes the importance of focusing on levels and high timeframe candle closes to filter out market noise and analyze price action effectively. However, if Bitcoin fails to hold the key support level at $28,000, it may retrace to around $26,000. Overall, Cred’s analysis suggests that Bitcoin’s potential for sustained upward movement remains intact.
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