A crypto strategist believes Bitcoin (BTC) is gearing up to recreate its strong rally earlier this year, when the flagship crypto posted nearly 30% gains in about a month.
Pseudonymous analyst Credible Crypto tells his 346,700 followers on social media platform
According to the trader, Bitcoin is likely to consolidate after its recent rally, just as happened about three months ago.
The same. $BTC pic.twitter.com/SbtIHETFNQ
— CrediBULL Crypto (@CredibleCrypto) September 17, 2023
Credible Crypto’s prediction comes after BTC’s strong performance last week. According to the analyst, Bitcoin printed a bullish engulfing candle the week before, a technical pattern that could signal the start of an uptrend.
“Weekly is closed. Bullish engulfing candle confirmed, BTC.
Remember, it’s not just about this candle itself, it’s the context surrounding this closing that makes me so optimistic.”
The crypto strategist also emphasizes the importance of the bullish engulfing weekly candle. Credible crypto say that the candle carries more weight after the BTC bulls managed to defend a key support level.
“The bullish engulfing candle isn’t that impressive on its own – it’s only when you look at it in context that you realize how important it is.
That is, after four red weekly candles, we STILL have not managed to break the bullish market structure at $24,800. We have moved generally sideways, and we now have a bullish weekly sweep signaling a possible reversal.
When you put it all together, it’s much more than just a simple bullish engulfing candle.”
At the time of writing, Bitcoin is worth $26,733.
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Generated image: Midjourney