Bitcoin In A “Do-or-Die” Moment According To Top Crypto Analyst
It’s time for the king of cryptocurrency Bitcoin (BTC), to “Do-or-Die,” according to a well-known crypto strategist.
In a recent report, Cred, the pseudonymous analyst, said Bitcoin trades between $18,000 and $22,000, with a midpoint of about $20,300.
BTC Bulls Struggle in Sustaining The Surge
A recent rally by Bitcoin has allowed it to break above the range midpoint, according to Cred.
In spite of this, he expressed concern that Bitcoin is spending a great deal of time just slightly above $20,300, suggesting that Bitcoin bulls are facing difficulty to sustain the surge.
“I’m not immediately a fan of the market just coming back, getting stuck at the larger timeframe range midpoint ($20,300), spiking the high ($21,000) and then all the way back to retest the breakout ($20,300). The best breakouts are the ones that just break and go,” he said on Youtube.
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“In this case, it’s slowed down at an area where I wasn’t expecting it to slow down… There’s no real-time, space or distance built between the breakout and the retest. I’m not generally a fan of those types of structures,” added him.
If Bitcoin Below The Key Price Area Its Market Structure Will Turn to Bearish
When Bitcoin closes below the $20,300 price area on a daily basis, Cred believes Bitcoin will be in big trouble.
In his analysis, the crypto strategist emphasizes that if Bitcoin corrects below the key price area, the market structure turns bearish as the recent rally will likely be perceived as a huge trap for BTC bulls.
“[The move above $20,300] becomes the failed breakout or deviation. If the market closes through here ($20,200) and that is accepted back below the range boundary, [price action above $20,300] this ends up being your excess or deviation and then you target the other side of the range, which in this case would be the range low at $18,000 or $19,000,“ he explained.
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Despite decent support from the $18,000 range over the last few months, Cred believes the demand area won’t hold if Bitcoin experiences another sell-off.
“My personal view is that given how much time we’ve spent at this range low ($18,000)… We’ve spent all the time in the world bouncing off of $19,000 or thereabouts. I’m not sure that level would survive another test on the back of a high timeframe failed [breakout]… This ($23,000) is a do-or-die area,” he said.
At the time of writing, Bitcoin is changing hands for $20,316 according to CoinMarketCap.
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