- In an X post today, CrediBULL Crypto warned that BTC’s price may drop in the short term.
- This bearish thesis will be invalidated if BTC breaks above $28K, added the cryptocurrency analyst.
- BTC’s price broke out of a bullish chart pattern over the past 24 hours and may overcome the resistance at $26,917.47 soon.
According to an X post by the cryptocurrency trader and analyst CrediBULL Crypto, the path of least resistance for Bitcoin’s (BTC) price is down in the short term. However, this bearish thesis will be invalidated if the market leader’s price breaks above $28K, predicted the analyst. In this scenario, the market will go “FULL BULL”.
Path of least resistance lol. Didn't even come down to fill any of those bids. Note we are now at the actual resistance, so path of least resistance is technically back down in the short term. IF we clear 28k, we are FULL BULL as per my last video update.Until then, here at… https://t.co/dQMe6jRWIU pic.twitter.com/pEW3DM2faS— CrediBULL Crypto (@CredibleCrypto) September 15, 2023
Until BTC breaks above $28K, the analyst stated that it may be best to be a little cautious. He revealed that the next major resistance that BTC’s price needs to overcome is the $27K mark.
Meanwhile, CoinMarketCap indicated that the leading cryptocurrency was valued at $26,535.03 at press time. This was after it experienced a 0.29% drop in its price throughout the past day of trading. Despite the negative daily performance, however, BTC’s price remained 2.48% up over the past 7 days.
Meanwhile, BTC attempted to challenge the $27K mark during the last 24-hour cycle, but was only able to reach a peak of $26,840.50 throughout this period. Since then, the cryptocurrency’s price had retraced to its current level. Subsequently, the market leader was trading closer to its daily low of $26,240.70 at press time.
Daily chart for BTC/USDT (Source: TradingView)
From a technical standpoint, BTC’s price broke out of a bullish chart pattern that had formed on its chart over the past couple of weeks. During the last 48 hours, the cryptocurrency broke above the falling wedge pattern, which may lead to BTC flipping the resistance level at $26,917.47 into support. Continued buy support could also elevate BTC to $28.2K as well.
On the other hand, if BTC dips back within the chart pattern throughout today’s trading session, then it may be at risk of retesting the critical support level at $26K. A break below this significant price point may trigger a BTC selloff, which could result in the cryptocurrency’s price falling to $24,882.67.
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