As Bitcoin (BTC) continues to trade below $30,000, questions have been raised on the stakes of the leading cryptocurrency breaching this psychological price level.
Leading market analyst Michael van de Poppe has delved deeper into this matter and suggested that BTC ought to continue making higher lows and holding the $27,500 zone for the much-needed momentum.
The analyst pointed out, “Bitcoin making a perfect higher low and attacking the highs again. The bullish thesis stands, this quarter, the likelihood of breaking $30K and altcoins starting to get into momentum is substantial.”
Higher highs and higher lows illustrate an uptrend. Therefore, they illustrate an asset’s strong positive sentiment. As a result, higher lows act as a stepping stone toward higher highs, given that they prompt a bullish momentum.
If Bitcoin continues making higher lows, the odds are high that the top cryptocurrency will be thrust into the $30K zone.
Meanwhile, a hidden bullish divergence is playing out on BTC charts, as reported by ZyCrypto. This illustrates that bears are throwing in the towel based on lost momentum.
BTC was trading at the $26,812 area at the time of writing, according to CoinMarketCap.
Bitcoin Holders Remain Steadfast
With holding being a favored strategy in the crypto market, coins are held for future purposes other than speculation.
As a result, Bitcoin holders are not relenting in their quest because nearly 68.97% of them have held their BTC for a whole year, according to crypto insight provider IntoTheBlock.
This data suggests that the majority of Bitcoin holders are there for the long haul.