An analyst with a fast-growing following says he has one price target for Bitcoin (BTC) bottoming before a bullish reversal could occur.
The pseudonymous trader known as Credible Crypto tells his 415,000 followers on social media platform
Credible says he sees BTC forming an “ultimate” price floor just below $55,000.
“While we can still technically move forward toward my ultimate goal of $53,000-$54,000, I think it makes the most sense for us to see some relief here first.
We’ve gotten a fair amount of longs on this move down and there are some shorts up there whose conviction hasn’t been tested yet
I’m not sure if we’ll top or fall short of the previous highs, but we’re looking for one of two scenarios to play out before we move on to the ultimate target of $53,000-$54,000 (and hopefully macro -higher low).
Assuming we get this rebound, I expect rebounds across the board. That is why I have taken profits on all shorts at this time.”
In late August, Credible shared a chart suggesting that Bitcoin will trade around $50,000 in the coming weeks before launching 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 seems to predict that Bitcoin will stage major rallies after bottoming out below $55,000.
At the time of writing, Bitcoin is trading at $58,917.
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Generated image: DALLE3