Credible Crypto Predicts Longer BTC Cycle – Correction Is Actually Good
According to a top cryptocurrency analyst and trader, known as Credible Crypto, Bitcoin’s recent correction is part of its path toward a bullish continuation into 2022, which he predicts will be longer than many expect.
Over several tweets, Credible Crypto shared with his 265.5K Twitter followers that what may seem scary on the charts, actually looks very healthy for what’s coming for Bitcoin.
“I know this looks scary – but as crazy as it seems, this is HEALTHY for further price appreciation over the remainder of this bull.
We NEED these types of corrections in order to allow us to go HIGHER in the final legs of this bull run. Macro is still insanely BULLISH.”
I know this looks scary- but as crazy as it seems, this is HEALTHY for further price appreciation over the remainder of this bull. We NEED these types corrections in order to allow us to go HIGHER in the final legs of this bull run. Macro is still insanely BULLISH. $BTChttps://t.co/89EUP6bJWc
Credible Crypto was also closely following Bitcoin’s daily close as an indicator for support level. He noted that as BTC closed the day below $57K, next major support level might be around $52K-$53K. If the trend turns upwards Bitcoin will likely hit resistance at $62K-$63K area.
“Didn’t get the daily close I was looking for so we may bleed lower. If we do eyes on 52-53k as the next major area of support. If we manage to push up yet- eyes still on 62-63k as the next major resistance.”
Didn’t get the daily close I was looking for so we may bleed lower. If we do eyes on 52-53k as the next major area of support. If we manage to push up yet- eyes still on 62-63k as the next major resistance. $BTChttps://t.co/wpRniRs7F8
The analyst also looked into Bitcoin bull cycle length and market tops in a very interesting thread, saying every cycle historically has been longer than the previous one. This would support his hypothesis for this cycle stretching well into 2022, and that we are not at the top yet with the current cycle.
“If you believe that we have seen our bull market top, then you believe that for the first time in BTC’s 10+ year history, we have seen our cycle top in less time than the prior one.
History shows that each cycle has taken longer than the last, and I expect that to continue.”
If you believe that we have seen our bull market top, then you believe that for the first time in $BTC's 10+ yr history, we have seen our cycle top in less time than the prior one. History shows that each cycle has taken longer than the last, and I expect that to continue. pic.twitter.com/bV96HWhyuK
