A widely followed cryptocurrency analyst thinks that a breaking moment has come for the leading crypto Bitcoin (BTC). According to the analyst, the next few days will be decisive for the fate of BTC.
Popular trader Justin Bennett told 112,300 Twitter followers that BTC could continue to rise as long as it can stay above $28,800. told.
According to the analyst, if Bitcoin can stay above $ 28,800 and break the $ 29,900 level, it can go up to $ 33,000.
Bennett also thinks this weekend is pretty critical for Bitcoin.
“This weekend is a fateful moment for BTC.
It closed below $28,800 last week and opened Q2 at $28,450.
Therefore, Bitcoin needs to stay above this area on Sunday for it to remain constructive and trend higher in May.
If it loses on the higher timeframes, we will have a second divergence.”
In addition, Bennett adds that even if it closes above $ 28,800, it can be risky to open a long position in Bitcoin. He points to the entire crypto market capitalization (TOTAL) as the reason:
“One reason why I won’t be going long on crypto right now is TOTAL even if BTC closes above $28,800.
TOTAL is still holding below the $1.18 trillion high range after the last divergence.
Mixed signals.”
You can follow the current price action here.