A popular crypto analyst is pouring cold water on predictions that Bitcoin (BTC) has already peaked. He believes the cryptocurrency’s upward trend is far from over.
Bitcoin’s Upward Momentum Remains Strong
Cheds, a crypto strategist with a large YouTube following, argues that Bitcoin’s long-term upward trajectory is intact. He points to the weekly chart, showing BTC trading comfortably above several key moving averages. He sees the current price action as a consolidation period following a climb from around $74,000. In his view, calling a top at this point is premature. The strength of the upward trend, he says, is evident in the chart’s positive indicators.
Past Performance and Future Levels
Cheds references Bitcoin’s 2021 crash, which followed failed attempts to break the $69,000 barrier. This led to a significant bear market, pushing BTC down to $16,000. He emphasizes that the current situation is different.
He highlights key support levels to watch as Bitcoin consolidates. The $88,500 level, he says, is crucial if the price tests and fails to break $96,000. He stresses that these are zones, not precise numbers.
The Bottom Line
With Bitcoin currently trading around $101,957, Cheds’ message is clear: it’s too early to declare the bull market over. He believes the current consolidation is a normal part of a longer-term uptrend. Any top calls at this stage, he warns, are not supported by the available data.
