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Credible, a well-known figure in the cryptocurrency world, believes that Bitcoin (BTC) 
$107,449 may soon initiate a rally towards record levels. In a message to his 433,330 followers on the social media platform X, he indicated that BTC could approach the $74,000 mark while also cautioning that this surge may represent a deceptive move.
Technical Outlook and Key Levels
In his analysis, Credible highlighted a significant yellow line that serves as an important support level within Bitcoin’s market trends. This level, which has become more pronounced on a monthly timeframe, could play a critical role in BTC’s potential recovery process.
“We are witnessing Bitcoin forming a bottom towards its all-time high on lower timeframes,” said Credible.
According to the analyst, Bitcoin could experience one more minor correction before this rally. Based on long-term expectations, this movement could signal the beginning of an aggressive rise above the $100,000 level.
Is the Market Still in a Squeeze?
Credible anticipates a significant upward wave following the current correction phase. Emphasizing that the squeeze market has not yet completely ended, he notes that Bitcoin’s path to new record highs requires further market maturation. This process indicates that Bitcoin’s bull market may extend into the next year.
Current Market Status
At the time of writing, Bitcoin was trading at $69,080. This price captures market participants’ attention and represents a significant resistance point in the short term.
Credible’s analyses may serve as an essential guide for Bitcoin investors in understanding market direction. However, it is advisable for investors to remain cautious regarding market fluctuations and to consider risk management strategies.
