A crypto strategist known for making timely Bitcoin calls believes that BTC will print a new all-time high in a couple of months.
Pseudonymous analyst Credible Crypto tells his 462,900 followers on the social media platform X that he thinks Bitcoin is trading in a wide range between $110,000 and $88,000.
While the analyst believes that Bitcoin’s consolidation will eventually resolve to the upside, he predicts that BTC will first drop to the low $80,000 price range to shake out paper-handed traders before kicking off a parabolic surge.
“On the higher time frame for BTC, it would be nice to have this multi-month consolidation complete with a clean base as pictured before the next impulse begins.
Focus right now is on two ranges – one low time frame (blue) and one high time frame (black).
We may or may not visit the highs of the low time frame range first (blue arrow) but ideally would love to see a deviation below the higher time frame range lows before a reversal, reclaim and impulsive move to the upside.”
Looking at the trader’s chart, he seems to predict that after the correction, Bitcoin will soar to a new all-time of $126,000 by April of this year. The chart also appears to suggest that his short-term bearish outlook for Bitcoin will be invalidated if BTC convincingly takes out its resistance at $110,000.
At time of writing, Bitcoin is trading for $96,616, a fractional increase on the day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here