The analyst tweeted (X) that the level of $29,000 to $30,000 is key for bitcoin, so the bulls need to push the price of the first cryptocurrency to this mark.
“There will be a real panic and FOMO as soon as we break above $29,000. If you think that the recent breakthrough was powerful, then wait until Bitcoin returns to this key level,” Credible Crypto predicted.
On August 29, an American court overturned the decision of the US Securities and Exchange Commission on Grayscale’s refusal to launch a spot bitcoin ETF. The bitcoin rate reacted with an increase of $1,500. However, by Wednesday evening, August 30, BTC rolled back to $27,000.
The analyst believes that while most traders expect Bitcoin to decline to more profitable levels for buying, the BTC rate will continue to grow and, quite possibly, exceed $30,000. Then the FOMO syndrome (Missed Opportunity Syndrome) will come into play.
A month ago, Credible Crypto already said that Bitcoin is now in a consolidation phase and after exiting it, it will grow parabolically.
Source: Bits
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