Bitcoin Bulls: Here Are The Key Support Levels For BTC

An important crypto analyst and trader Benjamin Cowen is checking out the price level for Bitcoin that could indicate the fact that bulls are in control.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $59,966.84.

Cowen told his followers that if Bitcoin closes above the $60k weekly chart, this would show the fact that the king coin has found strong support.

But now, BTC is undergoing a correction.

“Ideally we can close it above $60,000 [on the weekly chart]. Why? Because it might indicate that we are finding support at the same level that Bitcoin previously found resistance. It’s the only reason, okay.”

He continued and explained the following:

“Now, is it possible we still come back down? Yeah, it’s possible. But I’m just saying having the bulls make a stand at this level is showing that there are buyers, there are bulls, they are trying to show that what was previously held as resistance for three months is now being held as support.”

The crypto analyst also said that $60,000 is a key psychological level for Bitcoin as bulls have been struggling to stay above that level earlier this year.

The online publication the Daily Hodl notes that there’s an emerging crypto strategist and trader who is unveiling a huge price target for Bitcoin in the coming months.

It seems that he believes that BTC is mirroring its 2017 bull market.

The crypto analyst is TechDev – he said that the current price action of Bitcoin (BTC) looks very similar to its 2017 parabolic run when it rallied from below $4,000 to $20,000 in a couple of months.

Based on his chart, Bitcoin can skyrocket to a new all-time high above $180,000 by the end of 2021 – but this can only happen if it continues to follow the footsteps of the 2017 bull cycle.