A popular cryptocurrency analyst, known as Cred, suggests that Bitcoin (BTC) could remain in an upward trend following a sudden upward movement. In a YouTube video, Cred stated that if Bitcoin, the leading cryptocurrency, manages to stay above a significant level, it could indicate that the upward momentum for BTC is continuing.
Rise in Bitcoin ETF
BTC surged to $30,000 on Monday after a news site falsely claimed that the U.S. Securities and Exchange Commission (SEC) had approved a spot market Bitcoin exchange-traded fund (ETF). The analyst stated:
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
The expert cryptocurrency analyst also added that if Bitcoin loses the $28,000 level, it will likely retreat to the range of $26,000. The analyst stated:
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.