A popular analyst has made an important prediction about the future of the cryptocurrency Bitcoin. The analyst, who goes by the pseudonym Cred, expressed an optimistic view that if Bitcoin remains above a current significant level, the cryptocurrency can continue its upward momentum. Here are the details.
Bitcoin is considered the undisputed leading player in the cryptocurrency world and is the largest cryptocurrency in terms of market capitalization. Bitcoin’s price is often considered an indicator that influences the price movements of other cryptocurrencies. For this reason, Bitcoin’s future and price predictions are among the most curious topics in the cryptocurrency market.
Cred’s comment offers an important clue regarding Bitcoin’s price movements. If Bitcoin can stay above the $28,000 level, it could mean that the cryptocurrency’s uptrend may continue.
As we previously reported, BTC rose as high as $30,000 on Monday after a news site claimed that the U.S. Securities and Exchange Commission (SEC) had approved a spot market Bitcoin exchange-traded fund (ETF). The analyst stated that he was not interested in such developments and focused especially on closures:
“If this is a daily breakout, obviously where it ends is complicated because it was such a rapid move… But structurally speaking, fake news or no pullback or no pullback, as long as the market can maintain $28,000 on a daily closing basis, even if that wick wasn’t there that would still be a bullish argument. (…)
I still focus on levels and high timeframe candle closes because they can definitely filter out a lot of the noise that surrounds such market events. So the weekly and daily bull bear line is $28,000.”
The analyst also evaluates the possibility of decline for Bitcoin. According to Cred, if Bitcoin loses the $28,000 level, it will likely return to the $26,000 range.
You can follow the current price movement here.