Bitcoin Needs to Break Above Key Level to End Price Stagnation
An influential analyst suggests that Bitcoin (BTC) must surpass a crucial price level in order to indicate the end of its current period of price stagnation.
The analyst, known as Credible Crypto, informs his large following on social media that BTC is currently stuck in a range-bound market.
In the short term, Credible Crypto predicts that Bitcoin will likely experience a minor corrective movement before bouncing back.
“I’m still expecting the price to dip below $25,200. I want to see it hold at $24,800 and then push back up to $27,000.”
According to the analyst, if Bitcoin manages to break above its range high at around $28,200, it could start a new upward trend. The analyst believes that this break would signal the end of BTC’s consolidation phase.
“Apart from this range-bound price action, there are two levels you need to watch for significant bullish and bearish signals: $28,200 (breaking this level indicates the bottom of the correction, in my opinion) and the same $24,800 level I’ve been talking about for some time now.”
The trader is also closely monitoring the Bitcoin dominance (BTC.D) chart, which measures the percentage of the total crypto market cap that belongs to BTC. According to Credible Crypto, BTC.D suggests that the bear market has already hit its price floor for Bitcoin, as the chart continues to show signs of bullish continuation.
A rising BTC.D chart indicates that Bitcoin’s value is increasing at a faster rate than other cryptocurrencies.
Credible Crypto states,
“Bitcoin dominance has broken out because we are seeing consistent, trending price action for the first time in over two years. Every upward movement in BTC since our $15,000 lows has resulted in a new higher high for BTC dominance, followed by a higher low and continued growth. Bitcoin dominance is suggesting that something is different this time, that this rally is more significant than any we’ve seen in the past two years. The message is clear: the bottom is in, and we are entering a new phase of growth.”
Credible Crypto emphasizes that he believes Bitcoin will experience a strong upward trend and achieve a new all-time high at the expense of altcoins.
“Money is flowing from altcoins into Bitcoin at levels we haven’t seen in over two years (since the last period of significant growth), and we anticipate this trend to continue until BTC reaches new highs, which will trigger a significant influx of capital into the space.”
At the time of writing, BTC is valued at $25,839.
Hot Take: Bitcoin Needs to Break Key Level to Escape Stagnation
A prominent analyst known as Credible Crypto believes that Bitcoin’s current period of price stagnation will only end if it manages to overcome a crucial price level. According to the analyst, Bitcoin is currently trapped in a range-bound market, but a breakout above the range high at $28,200 could signal the start of a new upward trend. Credible Crypto also points out that the Bitcoin dominance chart indicates that the bear market has already hit its price floor for Bitcoin. This suggests that Bitcoin’s value is rising faster than other cryptocurrencies. The analyst predicts that Bitcoin will continue to gain momentum at the expense of altcoins, as money flows into Bitcoin and the cryptocurrency reaches new all-time highs.
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