Crypto Analyst Cred Projects A Bitcoin Rally Towards $60,000

According to a popular crypto market analyst and trader, known as Cred, Bitcoin (BTC) is one resistance away from sparking a rally that could light BTC towards $60,000 level.

In a recent video session, Cred notes that Bitcoin is coming closer to a key resistance level that should break in order for BTC to keep steadily rising.

$47,100 is a key price level, the analyst says, as it is a “nice confluent area” where multiple moving averages meet.

“If we add our sandwich of boomer moving averages, you can really start to see they converge around this $47,000 to $48,000 handle. Specifically, we’ve got all the high timeframe trend following signals – to the 21-week moving average, the 50-week moving average, the 200-daily moving average – all of them seem to converge around this $46,000 to $48,000 handle and also the top of this monthly cluster. 

So that’s really the first meaty significant, high timeframe reversion area.”

At time of writing, Bitcoin is trading at $47,455, above Cred’s resistance level. Should it be able to stay above, BTC should be able to rise to $60,000 levels again.

“If the market is accepted above, you’ll have evidence of A: the monthly midpoint being turned to support and B: medium to high timeframe trend flipping from bearish to temporarily bullish and that would be really cool. At that point, would open the doors towards a much meatier move towards $56,000 – $58,000.”