Crypto Analyst Says BTC Could Catch Fire With Single Spark
A well-known expert thinks that the latest drop in Bitcoin’s (BTC) price is setting it up for a parabolic rise.
Credible Crypto, tells his 340,800 Twitter followers that Bitcoin’s drop from above $30,000 is part of an uptrend that could push BTC to new highs for the year.
The crypto expert thinks that Bitcoin (BTC) will go up quickly, making up for months of stability in just a few days.
“Consolidation precedes expansion. Our last corrective structure lasted 48 days and was erased with just four days of impulsive price action.
Our current corrective structure is 83 days long so far. When we begin the next impulsive move, we probably erase three months of corrective price action within a week or so”
Credible Crypto is also looking at how much BTC is owned by long-term holders, or investors who haven’t moved their Bitcoin stashes in over a year. The analyst says that long-term BTC holders have been slowly adding to their stacks over the past year, even though there have been a lot of bad news stories.
Credible points out that the decreasing amount of BTC on the market is setting Bitcoin up for a huge price jump.
“~70% of all BTC in existence is being HODL’d (hold on for dear life) and has not been sold for over a year. That number has only INCREASED through 3AC (Three Arrows Capital), the FTX collapse, AND recent actions against Coinbase/Binance from the SEC.
There is LESS EXCESS SUPPLY available than there has EVER BEEN in the history of Bitcoin’s existence. What does this mean?
The situation with Bitcoin right now is like a kerosene-soaked rag in the middle of a forest filled with dead trees – all it will take is a single spark of demand (could be in the form of a number of positive fundamental catalysts – the reason behind the spark doesn’t matter) to set that rag on fire.
And once that rag is on fire, the move-up will start. Slowly at first, then all at once – just as a forest fire starts from a single spark and soon becomes an uncontrollable blaze, obliterating anything and anyone in its way.”
At the time this was written, Bitcoin was being sold for $26,483.
