According to this analyst, Bitcoin may need to close above $26,000 to confirm the start of a new bull run
Craig Johnson, chief market technician at US independent investment bank Piper Sandler Companies, believes that the ongoing downtrend will end if the largest cryptocurrency manages to score above the $26,000 level. According to Johnson, this would confirm the start of another bull run.
Bitcoin has struggled to gather steam so far, currently trading at the $20,400 level on the Bitstamp exchange.
That said, making solid bitcoin price predictions is complicated because the biggest cryptocurrency has no fundamentals, Johnson says.As of now, the analyst has not seen any indication that the trend is going to change anytime soon.
As reported by U.Today, Oanda’s Jeffrey Haley recently said that $17,500 was a do-or-die level for bitcoin. If the bulls fail to hold, the crypto king could fall far below.
Bitcoin briefly managed to drop to the $17,600 level last month, marking its lowest price point since late December 2020.