Anonymous cryptocurrency analyst Credible Crypto, known for his accurate predictions, has warned that Bitcoin (BTC) is about to take off from the station in order to not offer investors and traders more buying opportunities. According to the analyst, for the upward trend initiated by BTC to continue, the price must not fall below $26,370.
“The Parabolic Phase of the Rise Has Not Yet Begun”
Anonymous cryptocurrency analyst Credible Crypto highlighted on his personal account on social media platform X that Bitcoin’s recent price movement is largely similar to that of 2019, causing some traders and investors to expect a major correction after a show of strength from BTC. Despite this general belief, the analyst stated that Bitcoin’s current market structure is different from the sudden parabolic rise in 2019, with rallies taking place at a much slower pace after forming a suitable bottom. He said:
The price movement between $3,000 and $14,000 was a parabolic progression, and generally, significant collapses/corrections follow when parabolas are broken. Therefore, a deep retreat occurs. The current price movements are not parabolic at all, which is another reason why I believe that those expecting a movement to $20,000 or below will be left behind.
In my opinion, the parabolic phase of the current rise in BTC has not yet begun.
“The Condition for the Continuation of the Rise is to Maintain $26,370”
Credible Crypto emphasized that if Bitcoin is truly at the beginning of a major upward movement, the price of the largest cryptocurrency should not fall below $26,370, which is where the low timeframe rise began. He noted the following:
The continuation of the low timeframe rise so far is a very good indicator of an upward movement. Currently, we are trading above our mid-range, which is a level that has had very clear and significant interactions with the price over the past month. If this low timeframe rise is the beginning of a much larger rise, the price should not fall below the starting point I marked on the chart below ($26,370).
Therefore, as long as the price holds above the mid-range, our next target will be the top levels of the range. A drop in price below the mid-range will be the first sign of weakness, and in this case, the price could quickly drop below the starting level of the low timeframe rise.
Bch to be credited