Credible Crypto Looks Into Bitcoin Amid The Latest Dip Below $40K
According to top analyst known as Credible Crypto, Bitcoin correcting under $40,000, creates a set up for the leading digital asset to climb to $50,000 in the coming few weeks.
Credible Crypto shared with his 314.6K followers on Twitter that BTC rejecting around $45K on 2 March hints that Bitcoin is now trading inside a triangle pattern while finding a bottom.
“The depth of this retracement means our B wave is likely complete already if this is a triangle structure – now a standard triangle (like we had at $10K) rather than running. Daily demand in BLUE at $38K is still the key to hold for this idea to remain valid.”
Slight update- the depth of this retracement means our B wave is likely complete already if this is a triangle structure- now a standard triangle (like we had at 10k) rather than running. Daily demand in BLUE at 38k is still the key to hold for this idea to remain valid. $BTChttps://t.co/0YDQ5pr4q2pic.twitter.com/URQijnkn23
The analyst bases his bullish thesis on Bitcoin’s market structure when it was priced below $10,000 during September to October 2020. According to Credible Crypto, the triangle pattern that formed during back then created basis for a massive rally from $10,000 to $60,000.
“The last segment of our corrective structure that preceded the third impulse wave from $10,000 to $60,000+ was a triangle, would be nice to see something similar here if our bottom is in. Remember a longer base typically leads to a stronger impulse. Pullbacks on BTC to $38K-$42K are healthy.”
The last segment of our corrective structure that preceded the 3rd impulse wave from 10k to 60k+ was a triangle, would be nice to see something similar here if our bottom is in. Remember a longer base typically leads to a stronger impulse. Pullbacks on $BTC to 38-42k are healthy. pic.twitter.com/lxn26myCCz
In the next few days, the analyst expects BTC to consolidate, but notes that its recent visit above $44,700 is building a strong case that it’s less likely to go down to $30,000.
“A very strong close here on BTC. This indicates chances we see $29K-$30K are a lot less likely. Now we just need to seal the deal with a monthly close above $46.8K to put the nail in the coffin for bears.”
A very strong close here on $BTC, this indicates chances we see 29-32k are a lot less likely. Now we just need to seal the deal with a monthly close above 46.8k to put the nail in the coffin for beras. https://t.co/lpxVtsINNQpic.twitter.com/G52Jx6t20Y
