A closely watched crypto strategist and trader believes a huge upside move is coming for Bitcoin (BTC).
Pseudonymous analyst Credible tells his 433,330 followers on social media platform
But the crypto analyst warns that the rally will likely be a fake-out designed to trap exuberant BTC bulls.
“Lower timeframes look very constructive here – BTC seems to be forming a bottom here for that push to ATH (all-time high).
The yellow line on my map that we tapped to mark our pico bottom is a very important retest level – if you want to know where it comes from, zoom out to the monthly time frame and it should be clear.
Now let’s take that step to ATH and trap some late bulls…”
Credible highlights its high time frame for BTC, to believe that Bitcoin will witness a final flushout before the real rally to $100,000 starts.
“If we keep in mind the context of a higher time frame, my [belief is] that we may just be looking for the highs before a bigger correction remains…
The bull market has certainly not been canceled, the largest and most aggressive wave to the upside ($100,000+) is yet to come once this consolidation/correction is complete.”
As for the timing of BTC’s rise to new all-time highs, the analyst said thinks the Bitcoin bull market will start next year.
“At this stage there is no way we can get it before the end of the year – this consolidation has taken much longer than expected.”
At the time of writing, Bitcoin is trading at $69,080.
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Generated image: DALLE3