Former ARK investment experts reveal the current key price point of $BITCOIN$ ($BTC$).
The former head of crypto at ARK Invest revealed an important catalyst for the current spike in Bitcoin's price
Surprisingly, Bitcoin (BTC) saw a stunning $RALLY$, with an impressive 3.8% surge earlier this week that shocked market participants. According to USA Today, this unexpected surge not only alarmed investors, but also triggered a series of liquidations, totaling a staggering $75 million in the past 24 hours alone.
The unexpected recovery in the price of Bitcoin caught many by surprise, especially considering the cryptocurrency's continued decline over the last week. However, Chris Burniske, former head of cryptocurrency direction at well-known ARK Invest, foresaw this.
The night before the price surge, Berniske hinted at the possibility of a Bitcoin breakout on Twitter, a prediction that proved to be very accurate.
After today's sharp rise in the price of bitcoin, Bernisker once again said on social media, "If we break through and hold on to $28,000, the bitcoin price will become a reality." The analyst's insights suggest that the ongoing celebration of the cryptocurrency market hinges on Bitcoin's ability to break through and sustain above the $28,000 mark.
Notably, Binance's Bitcoin futures touched this key level at one point, with the spot market price peaking at just $27,980 earlier today. This further demonstrates the importance of price levels that Bernisker emphasized.
Analysts also stressed the importance of integration. According to trading textbooks, the duration of the price staying above the key level will be a strong signal of the market trend. The longer the consolidation above this level, the more likely it is that the Bitcoin price will recover.
