Analyzing Bitcoin’s Potential Post-Surge
In a recent development, a prominent cryptocurrency analyst, known as Cred, has shared insights into the future trajectory of Bitcoin (BTC) following a sudden and notable surge. Cred’s analysis suggests that Bitcoin, the foremost cryptocurrency, might continue its upward momentum if it maintains a crucial level.
BTC Soars Amidst False ETF News
BTC experienced a surge to $30,000 in response to a misleading report claiming that the U.S. Securities and Exchange Commission (SEC) had granted approval for a spot market Bitcoin exchange-traded fund (ETF). Cred commented on this situation, stating:
“If this is a daily breakout, it’s obviously messy where it came from because it’s such a quick move and we actually hit $30,000… But structurally speaking, whether it’s fake news or not, whether it pulls back or not, as long as the market can hold $28,000 on a daily closing basis, even if this wick wasn’t there, it would still be a compelling argument for upside. I think it’s really good to think and trade around these kind of price actions. If I take my levels, close my higher time frames, what would my analysis be without this wick? And I think there are some benefits to that, so I’m still focusing on levels and candle closes on higher time frames because they can definitely filter out a lot of noise surrounding these kind of market events. So the weekly and daily bull bear line is at $28,000.”
Bitcoin Price Target and Potential Retreat
The cryptocurrency expert also noted that in the event Bitcoin fails to maintain the $28,000 level, it may retrace to the $26,000 range. Cred added:
“Obviously… the worst-case scenario was that this was just a mega top and it shouldn’t have happened at all. And just like some of our other moves, we’ll actually keep progressing by making a big, big move and then retracing without going anywhere.”
Cred’s analysis provides valuable insights into Bitcoin’s potential trajectory, emphasizing the significance of key price levels and candle closes in evaluating its future movements.