Credible Crypto Draws Path For Bitcoin To Rally Above $50,000
A top crypto market analyst known as Credible Crypto, projects that Bitcoin (BTC) could be nearing a breakout after nearly three months down trend.
Credible Crypto shared with his 305K followers on Twitter that he expects BTC to hit resistance at $40K-$44K level and then fall under $30K before rising above $50K.
“Many are expecting a rejection around 40-44k and then a dump below sub-30k.I’m expecting a pullback at 40-44k but still expecting 30-32k to hold, and then a breakout to 50k+.Would be cool if we just grind through 40-44k on the first go too, though.”
Many are expecting a rejection around 40-44k and then a dump below sub 30k. I’m expecting a pullback at 40-44k but still expecting 30-32k to hold, and then a breakout to 50k+. Would be cool if we just grind through 40-44k on the first go too though ? $BTC
The analyst looks into Bitcoin in a new video on Loom to dig deeper into the the future path of the leading cryptocurrency by market cap.
According to Credible Crypto, many analyst might not even be aware that the breakout they’ve been looking for is actually already happening.
“It’s not easy to tell that we’ve started a new impulse until it’s already very, very apparent. What I mean by that is, we get an impulse, so you get some consolidation, we get another small impulse, we get some consolidation.
At this point, people are thinking, ‘We’re at supply. We’re going to break down and head down from here.’
But realistically, what sometimes happens and what will typically happen if we’re already working on the next impulse is we’ll consolidate, and we’ll lift off and continue up and get these aggressive impulsive moves followed by shadow consolidations, and then more and more aggressive moves.
By the time we know what’s happening, you zoom out, your fifth wave is already well on its way and we’re just bursting to the upside.”
The analyst refers to the 2019 Bitcoin charts, when it jumped from the $4,000 level to nearly $13,000, to set a stage for the up and coming breakout for BTC this year.
“Just like what happened at 12k to 14k, the expectation is, the key area of supply that we broke down from, we’re going to reject off this level.
We’re going to come back down, this is just a dead-cat bounce, we’re going to make lower lows. At this point, people were like, ‘Bitcoin’s going to zero.’
But the idea being that we’re probably going to make lower lows, or even that maybe we’re going to return to this level here at $4,200 to retest this area and then move up.
That’s the logical thing that you’d expect after approaching this very significant area of supply, rather than that, we consolidate it here and then boom, another impulse.”
The analyst wraps up with a note that he’s mentally prepared for Bitcoin to resist the recent trend of correcting after each impulse up.
“The general consensus is that we’re going to reject at these regions, but I’m very mentally prepared for something like this where we don’t get another dip.
It’s just good to be aware of all the possibilities.”
At the time of writing, Bitcoin trades at $37,320 with 1% upside on the daily.
