According to a statement made by cryptocurrency investor and analyst CrediBULL Crypto, the closest possibility for the price of Bitcoin (BTC) could be a downward movement. However, the analyst also stated that if the price of Bitcoin, the market leader, rises above $28,000, this bearish thesis will be invalidated. In this scenario, the market will turn into a “BULLISH” trend.
Bitcoin Price and Analyst Comment
The analyst emphasized that it might be a wise move to be a little more patient until BTC moves above $28,000. He also added that the next major resistance that Bitcoin price needs to overcome is at $27,000.
Furthermore, according to the data from 21milyon.com, the price of the leading cryptocurrency was trading at $26,535.03 at the time of writing. This was the price indicator that followed a 0.29% decrease in price during the previous trading day. Despite the negative daily performance, BTC has shown a 2.48% increase in price over the past 7 days.
Will Bitcoin Rise?
In addition to all of this, BTC attempted to challenge the $27,000 level in the past 24 hours. However, during this time, it only managed to touch a point of $26,840.50. Since then, the price of Bitcoin has pulled back to its current level. Subsequently, the market leader continued to trade closer to its daily low of $26,240.70, as of the time of writing.
From a technical perspective, the price of BTC may have also broken out of the rising wedge formation that has formed on its chart in the past few weeks. In the past 48 hours, the cryptocurrency has risen above the descending wedge formation, which could enable BTC to turn the $26,917.47 resistance level into support. Continued buying support could also push the price of Bitcoin up to $28,000.
On the other hand, if BTC returns to the chart formation during today’s trading day, it could be at risk of retesting the critical support level of $26,000. Breaking below this important price point could trigger renewed selling of BTC, leading the cryptocurrency’s price to drop to $24,882.67.
