A closely watched analyst says Bitcoin (BTC) needs to move above a key price area to signal the conclusion of its current price declines.
Pseudonymous analyst Credible Crypto tells his 346,300 followers on social media platform X that BTC is still trapped in a range-bound environment.
In the short term, Credible Crypto says Bitcoin is likely to witness a shallow corrective move ahead of a rebound.
“I’m still looking for a low below $25,200. I want to see $24,800 retained for a pushback to RED at $27,000.”
According to the analyst, Bitcoin could start a new uptrend if it manages to break above its high range around $28,200. The analyst says the outbreak will likely spell the end of BTC consolidation.
“Aside from this varying price action, the two levels to watch for major bullish and bearish invalidations are 28,200 (breaking this in my opinion means the bottom has been reached for this correction) and below us the same $24,800 level where I had about it for a while.”
The trader also keeps a close eye on the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market capitalization belongs to BTC. According to Credible Crypto, BTC.D indicates that the bear market price floor has already been established for Bitcoin, while the chart continues to show indications of a bullish continuation.
A bullish BTC.D chart indicates that Bitcoin’s value is rising faster than other crypto assets.
Says credible crypto,
“Bitcoin dominance has broken out as we see clean, impulsive (trending) price action for the first time in over two years.
Every impulse BTC as our $15,000 lows bring another higher high of BTC dominance, followed by a higher low and continuation. Bitcoin’s dominance signals that something is different this time: that this rally is more important than any rally we’ve seen in the past two years. The message is clear: the bottom has been reached and we are in a new impulsive environment.”
Credible Crypto emphasizes that it believes Bitcoin will witness a strong uptrend on its way to a new all-time high, at the expense of altcoins.
“Money is flowing from alts into Bitcoin at levels we haven’t seen in over two years (since the last impulsive environment) and we can expect this to continue until BTC reaches new highs (which would see significant new capital inflows into the space should cause). .”
At the time of writing, BTC is worth $25,839.
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