A much-followed crypto analyst says Bitcoin (BTC) is gearing up for a historic upward move now that a rarely seen indicator has been flashed.
The pseudonymous analyst known as Credible Crypto tells his 344,900 X followers that BTC is going through a period of record low volatility or a compression phase, which he believes will eventually lead to historic expansion.
He shares a chart from fellow crypto analyst TechDev that points out that the three-week chart of BTC is approaching compression levels that previously heralded the start of bull markets since 2012.
Says Credible Crypto,
“Historical compression leads to historic expansion… Imagine looking at this chart and thinking, ‘Yeah, $10,000 coming in.’
A ticking time bomb to the extinction of the bear. Bitcoin.”
While many BTC bulls have lost confidence due to Bitcoin’s quiet price action, Credible is Crypto say Bitcoin is just consolidating, which should be considered bullish.
“I see a lot of ‘If we’re so optimistic, why aren’t we going up? Bulls don’t have the power to push the price higher, this is bearish.’
When the price moves sideways, it means that neither bears NOR bulls are in the driver’s seat – consolidation is, by definition, NEUTRAL. Buyers and sellers have reached an equilibrium.
9 times out of 10, consolidation structures resolve in the direction of the trend that preceded them. We’re in a very clean, clear uptrend since $15,000. So, by default, one should expect this past month’s consolidation to move upwards.
Your default stance on BTC should be bullish in my opinion unless we start breaking the bullish market structure (first, lowest time frame of bullish market structure that matters is $24,800, marked on the chart).
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey