An analyst known for making contrarian crypto calls thinks that Bitcoin (BTC) is days away from igniting a big burst to the upside.
Pseudonymous analyst Credible tells his 396,100 followers on the social media platform X that Bitcoin is likely due for one last leg down before a huge breakout.
The crypto trader says BTC may fall as low as $62,000 before triggering another parabolic rally to new highs.
“Downside now limited to $60,000 (invalidation) and realistically no lower than $62,000-$63,000 (if that) with a high likelihood that this level gets front run as well. I give it about seven-10 days before we absolutely giga-send BTC. Target: $100,000+”
According to Credible, the Bitcoin rally will drive crypto traders into unloading their altcoin holdings out of fear of being left out.
“BTC prints an absolute chad of an impulse candle which is so big and strong that the collective attention of the space shifts to BTC for a period of time and liquidity begins to flow out of the 10,000,000 other alts (of which DOGE is one) and into BTC as it begins to go vertical.”
In the near term, Credible believes that Bitcoin will witness one more rally above $70,000 prior to a correction toward $64,000 and a rally to new all-time highs.
“Manifesting.”
At time of writing, Bitcoin is worth $69,577.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here
