A closely tracked crypto analyst is mapping out a potential scenario for Bitcoin (BTC) to trap bears and rally above $30,000 per BTC.
In a new strategy session, pseudonymous analyst Cred says that while Bitcoin still looks bearish, he sees a setup where the king cryptocurrency (BTC_ ignites a “meaningful” rally.
"What would the target for that be? I think to some extent it would require retracing much of the selling that took us here – a lot of this one-sided inefficient price action. On the weekly timeframe, my eye is drawn towards as far as it may seem at least the previous range low, broken support, turned resistance at $32,000.”
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