A widely followed crypto analyst believes that Bitcoin (BTC) is now entering the final days of its multi-month correction before witnessing the final parabolic rally of this cycle.
Pseudonymous analyst Credible Crypto tells his 412,200 followers on social media platform
The trader shares a chart that suggests Bitcoin will trade around $50,000 in the coming weeks before kicking off a parabolic rally on its way to new all-time highs.
“Medium to high term outlook for the coming weeks. There is almost a bull family.”
Looking at the trader’s chart, he appears to be predicting that Bitcoin will begin its rally to $100,000 by the end of September. He also notes that Bitcoin will likely form a cycle top once its value rises above $100,000.
But for now, the analyst highlights that Bitcoin’s mostly sideways price action in recent months is noise and that BTC will likely see much higher prices in the coming months.
“All you have to conclude from this is that all the ‘hooking’ over the past five to six months has been a corrective (non-trending) move or ‘reaccumulation’ before the next leg higher.
The micro/short term movements within this range are not relevant (unless you are an active trader like me) in the grand scheme of things.”
At the time of writing, Bitcoin is trading at $59,416, down over 5% in the past 24 hours.
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Generated image: DALLE3