Huge Bullish Argument for Bitcoin (BTC) Enters The Spotlight

There are all kinds of optimistic predictions about the price of Bitcoin, especially with all the latest reports coming from the crypto space and the geo-political moves as well. Check out the latest reports about the matter below.

According to a well-known analyst, Bitcoin (BTC) could continue its upward trend after a sudden rise. The pseudonymous analyst, Cred, shared his opinion with his 53,500 subscribers on the TechnicalRoundup YouTube channel.

He stated that if Bitcoin manages to stay above a crucial level, it could signal the continuation of bullish momentum for the leading cryptocurrency.

On Monday, BTC surged to $30,000 following a false claim by a news site that the U.S. Securities and Exchange Commission (SEC) had approved a Bitcoin exchange-traded fund (ETF) for the spot market.

The analyst stated the following:

“If this is a daily breakout, obviously it’s messy where it’s ended up, because it’s a very fast move and into this prior area, the pre-breakdown range at $29,000, and we actually tapped $30,000… But structurally speaking, fake news or not, retrace or not, as long as the market can hold on a daily closing basis $28,000, then even if this wick weren’t there, then that would still be a compelling bullish argument.”

He continued and reported more details about the analysis:

“I think that’s a really good way to think about and process this type of price action. If I take my levels, I take my high timeframe closes, if this wick weren’t there, what would my analysis be? And I think there is some merit to that, which is why I’m still focusing on levels and high timeframe candle closes because they can certainly filter for a lot of the noise that surrounds these types of market events. So bull-bear line on the weekly and the daily is $28,000.”

He also made sure to state the fact that if Bitcoin loses the key $28,000 level, it will likely retrace to the $26,000 range.