Analyst: Bitcoin has chances to rise to $30,000

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A popular crypto analyst presented his vision of a potential scenario for Bitcoin (BTC), which suggests a rise above $ 30,000.

In a new video, analyst alias Cred said that despite the bearish market picture, he sees scope for a massive BTC rally beyond $30,000.

In its simplest form, it would look like a weekly close above the 200-week moving average, which is around $22,000. If that happens, the whole story—selling, new positioning, existing positioning, and whatnot—will be out of the game. I think it would lead to a noticeable and meaningful bounce back. And by visible and meaningful, I mean at least a few weeks of green candles. There was absolutely no use in this whole downtrend.

As Creed noted, over the past few weeks, the price of bitcoin has fallen from $48,000 to $17,000 with incredible bearish momentum. However, a recovery of the 200-week moving average at $22,000 could tip the balance sharply in favor of the bulls.

The weekly period is in a support area somewhere around $20,000. The weekly close was not particularly constructive. [200-недельная скользящая средняя], which makes the picture look bearish. For the trend to turn bullish, we need a weekly close above this level. [$ 22 000]to label this price action as a failed breakout followed by a reversal up… What will be the target?… On the weekly timeframe, my eyes are on at least the previous range low or resistance at $32,000.

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Source: Cryptocurrency

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