Crypto Analyst – Bitcoin Must Close Above $42,400 for Uptrend to Continue September 26, 2021 September 26, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsSeptember 26, 2021 by Kelly Cromley

Crypto Analyst – Bitcoin Must Close Above $42,400 for Uptrend to Continue

According to a well-known cryptocurrency analyst and trader, Bitcoin has to retake a critical level in order to invalidate a large drop below $30,000 in price. DonAlt outlines an optimistic scenario for Bitcoin in a new strategy session, which he believes will provide the top cryptocurrency the boost it needs to overcome critical barrier at $52,000.

“Assuming you get a bomb on the basis of news and it gets engulfed off of nothing but price action pushing it back up, you’re likely to get a squeeze. If we go back to the $44,000 level, that pressure would easily push it into the $50,000 range. This high ($52,000) is right around the corner, and I believe we should take it out now.”

In order to prevent a situation where Bitcoin collapses below $28,000, DonAlt believes that the bull trend in BTC must first close above an important milestone.

“Wait for a closing above $42,400 if anything. That, in my view, is the absolute minimum. If it fails to do so, I believe it should be taken, rolled over, and sold for less than $30,000. This range (about $42,000) is available if it closes over $42,400. Just [that] will determine the next step. This little one, And then, whether you break up or down.”

According to CoinGecko, Bitcoin is now trading at $43,304 at the time of writing.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.