A closely watched analyst believes Bitcoin’s (BTC)’s recent price declines pave the way for the crypto king to experience a parabolic rise.
In a new video, Believable tells are 340,400 Twitter followers that Bitcoin is likely in the stage of creating a base for a parabolic rip.
According to Credible, Bitcoin could correct to as low as $25,000 and still be able to unleash the next phase of its parabolic rally.
“The biggest consolidations, the slowest climb to the top happens at the base of these parabolas. Don’t expect this kind of consolidation to happen once we start to ramp up to $30,000, $40,000 (or) $50,000. It goes fast. It gets aggressive. It’s moving faster than most expect, and it’s likely to catch a lot of people off guard.”
Credible predicts Bitcoin is likely to consolidate in a narrow trading range over the next two months before bursting out to new all-time highs.
“We are now in May. By July, two months maximum, we should be back on the road. and expect another such move ($19,300 to $30,000). That should get us to $40,000. And again, don’t expect such deep consolidations at that time.
By the time we get to $40,000 or $50,000… nothing is stopping us from going to new all-time highs once we get to this high. We’re not stopping here… We’ll be at new all-time highs before you know it and definitely before 2024 in my opinion.”
At the time of writing, Bitcoin is trading at $27,683.
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Image generated: Midway through the journey