According to a well-known analyst, bitcoin is “very unlikely” to continue its ascent to $29,000 as an isolated spike.
Bitcoin hit $29,000 on June 21 as large scale buying fueled a fresh sentiment boost.
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Analyst: $29,000 becoming fakeout “very unlikely”
Data from TradingView showed BTC/USD reaching $29,014 on Bitstamp — its highest since May 7th.
The pair enjoyed continued buyer interest overnight, following multiple announcements concerning new Bitcoin-focused institutional investment products.
For analysts who were previously concerned about overall market strength, the latest action was cause for a modest rethink.
“Fantastic BTC breakout beyond the multi-month downtrend,” popular trader and analyst Rekt Capital reacted.
“Very unlikely this will end up as an upside wick like in previous months.”
![Bitcoin price breaks $29K on ETF impulse, analysts bullish on future 6041297e 8b0c 4ac1 b836 1c7091c6ec9d](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/6041297e-8b0c-4ac1-b836-1c7091c6ec9d.jpeg?resize=830%2C587&ssl=1)
![Bitcoin price breaks $29K on ETF impulse, analysts bullish on future 6041297e 8b0c 4ac1 b836 1c7091c6ec9d](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/6041297e-8b0c-4ac1-b836-1c7091c6ec9d.jpeg?resize=830%2C587&ssl=1)
The day prior, with upside already in motion, Rekt Capital had cautioned that the weekly candle close was necessary to confirm a substantial trend change.
Related: BlackRock ETF filing drives Grayscale Bitcoin Trust to near 2023 highs
“A BTC Weekly Candle Close beyond the multi-month downtrend would be a great breakout confirmation. That said, a $BTC dip into the downtrend for a successful retest would offer full confirmation of breakout,” he now added.
“The retest area is ~$26800.”
Fellow trader Crypto Tony meanwhile continued that Bitcoin could hit his upside target “earlier than anticipated.“
“As i said, if we did not lose the support zone on Bitcoin at $25,000, then there is no bearish control just yet,” he reasoned.
“Soon as we saw the bulls step in, that was our cue to long. Plan and Execute.”
Others were more conservative, with both Daan Crypto Trades and Michaël van de Poppe, founder and CEO of trading firm Eight, revealing closed long positions at the $29,000 mark.
Van de Poppe nonetheless stated that BTC/USD was now on its way to $38,000 or higher.
Short-term holder support proves itself
Regarding support levels, on-chain analytics firm Glassnode took the opportunity to underscore the significance of the short-term holder (STH) cost basis.
Related: Why Cathie Wood Thinks Bitcoin Will Reach $1 Million
At $26,400, the STH cost basis was now a formidable line in the sand, with BTC/USD rebounding strongly after placing STHs in unrealized loss territory.
“26,550 remains a significant baseline in determining market trend,” Glassnode tweeted, referring to previous research covered by Cointelegraph.
“The recent deviation below the STH-CB was not decisive, culminating in a reclamation of the prevailing uptrend.”
![Bitcoin price breaks $29K on ETF impulse, analysts bullish on future 957ce03d b169 46b9 b9d0 63aac5ed95e2](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/957ce03d-b169-46b9-b9d0-63aac5ed95e2.png?resize=824%2C470&ssl=1)
![Bitcoin price breaks $29K on ETF impulse, analysts bullish on future 957ce03d b169 46b9 b9d0 63aac5ed95e2](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/957ce03d-b169-46b9-b9d0-63aac5ed95e2.png?resize=824%2C470&ssl=1)
The 200-week moving average (MA), another key bear market support line, also sits near the mid-$26,000 zone.
![Bitcoin price breaks $29K on ETF impulse, analysts bullish on future d8274fa1 5db1 48d1 b3fd 79ef3a20022c](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/d8274fa1-5db1-48d1-b3fd-79ef3a20022c.png?resize=835%2C556&ssl=1)
![Bitcoin price breaks $29K on ETF impulse, analysts bullish on future d8274fa1 5db1 48d1 b3fd 79ef3a20022c](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/d8274fa1-5db1-48d1-b3fd-79ef3a20022c.png?resize=835%2C556&ssl=1)
Source: Cointelegraph