A popular cryptocurrency analyst believes Bitcoin (BTC) is still on an upward trend, despite recent bearish predictions.
Holding Strong Above $90,000
The analyst, known as Cheds, points out that Bitcoin’s price staying above its support level of $90,000 is a very positive sign. He argues that as long as Bitcoin holds this level, the overall trend remains bullish. If it falls below $90,000, he predicts a drop to the low $70,000s.
A Look at the Bigger Picture
Cheds highlights Bitcoin’s impressive performance since breaking out of its previous trading range between $50,000 and $74,000. The fact that it has held onto those gains, and is now consolidating between $90,000 and $110,000, shows significant strength. He finds it surprising that so many are bearish, especially before the $90,000 support level is broken. He emphasizes that buyers have repeatedly stepped in to support the price around $90,000.
Following the Trend
In short, Cheds advises following the trend. He sees no reason to bet against Bitcoin’s upward momentum while it remains above $90,000. At the time of writing, Bitcoin was trading at $96,312.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
/p>
