A widely followed crypto analyst says that king crypto Bitcoin (BTC) is coming up against a moment of truth.
With BTC worth $29,188 at time of writing, crypto trader Justin Bennett tells his 112,300 Twitter followers that BTC can keep rising so long as it can stay above $28,800.
“BTC is starting to feel more like this if it can hold above $28,800.
May 2022 highs at mid $22,000 and short liquidations up to mid $33,000.
Bitcoin needs to hold above $28,800 and break this minor trend line at $29,900 to materialize.”
Bennett also says that if BTC can stay above $28,800 this weekend, it might just be on a trendline approaching $32,000.
“Moment of truth for BTC this weekend.
Last week closed below $28,800 and the $28,450 quarterly open.
So Bitcoin needs to hold above this area on Sunday to stay constructive and trend higher in May.
Lose it on the higher time frames, and we have a second deviation.”
However, Bennett says that the total crypto market cap (TOTAL), a measure of the entire crypto space, is keeping him from longing BTC right now, even if it does close above $28,800.
“TOTAL is one reason I’m not comfortable longing crypto right now despite BTC closing back above $28,800.
TOTAL is still holding below the $1.18 trillion range highs after the recent deviation.
Mixed signals.”
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