Craig Johnson, chief market technician at American independent investment bank Piper Sandler Companies, believes that the ongoing downtrend will end if the largest cryptocurrency manages to score a close above the $26,000 level. This, according to Johnson, would confirm the start of another bull market.
Bitcoin has so far struggled to gather steam, currently trading at the $20,400 level on the Bitstamp exchange.
That said, making concrete Bitcoin price predictions is complicated since the largest cryptocurrency has no fundamentals, Johnson says.
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As reported by U.Today, Oanda’s Jeffrey Halley recently opined that $17,500 was a do-or-die level for Bitcoin. If bulls fail to hold, the crypto king will likely plunge much lower.
Bitcoin briefly managed to crash to the $17,600 level last month, which marked its lowest price point since late December 2020.
Arman Shirinyan
