Cred, a popular cryptocurrency analyst, said that Bitcoin (BTC) may maintain an upward trend after a sudden rise. Cred stated in a YouTube video that if the leading cryptocurrency Bitcoin can remain above a significant level, it may indicate that the upward momentum of BTC is still continuing
Cred, a popular cryptocurrency analyst, said that Bitcoin (BTC) may maintain an upward trend after a sudden rise. Cred stated in a YouTube video that if the leading cryptocurrency Bitcoin can remain above a significant level, it may indicate that the upward momentum of BTC is still continuing.
Bitcoin ETF Rise
Bitcoin surged to $30000 on Monday after a news website mistakenly claimed that the US Securities and Exchange Commission (SEC) had approved the spot market Bitcoin Exchange Traded Funds (ETFs). The analyst stated that:
If this is a daily breakthrough, then its source is clearly chaotic because its movement speed is so fast that we actually reached $30000... but structurally speaking, whether it is false news or a pullback, as long as the market can maintain a daily closing price of $28000, even if this wick does not exist, it is still a convincing reason for an upward trend. I think it's really good to think and trade around these price behaviors. If I take my level and turn off my higher time frame, what would my analysis be without this wick? I think there are some benefits to doing so, so I still focus on the levels and candle closing prices over a higher time range, as they can definitely filter out a lot of noise surrounding such market events. Therefore, the weekly and daily Bull Bear Line is located at $28000.
Bitcoin Price Target
The cryptocurrency expert analyst also added that if Bitcoin falls below the $28000 level, it may fall back to the $26000 range. The analyst stated that:
Obviously... the worst-case scenario is that this is just a super peak and shouldn't have happened at all. Just like some of our other initiatives, we will actually make continuous progress by making a very big move and then retracing our path.
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