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Bitcoin failed to permanently surpass the $32,000 threshold, leaving investors concerned about further declines. A widely followed crypto analyst claims that Bitcoin is preparing for a historic upward movement thanks to a rarely seen indicator. The enigmatic crypto commentator described Bitcoin as a ticking time bomb.
Bitcoin: A Ticking Time Bomb
Credible Crypto, a pseudonymous analyst, stated that BTC has transitioned from a period of record low volatility to a compression phase, catching the attention of hundreds of thousands of investors. Credible highlighted a three-week Bitcoin chart from TechDev in their latest market assessment. The compression levels that have marked the beginning of bull markets since 2012 are intriguing.
Historical data in the crypto market does not always repeat itself, but past experiences suggest that these patterns can repeat to a significant extent. Credible Crypto wrote:
“Historical compression leads to historical expansion… Imagine looking at this chart and thinking ‘Yes, $10,000 is coming.’ Until the bear is extinct, Bitcoin is a ticking time bomb.”
Will Bitcoin Rise?
While many BTC bulls have lost confidence due to Bitcoin’s uneventful price action, Credible Crypto argues that Bitcoin is simply consolidating and should be considered a bullish phase.
“Most investors are saying, ‘If the bullish outlook is so clear, why aren’t we going up?’ Bulls don’t have the power to drive the price up, which means it’s a bearish move. That’s what most investors think.
When the price moves sideways, it means neither bears nor bulls are in control. The consolidation phase represents a neutral period by definition. Buyers and sellers have reached a balance.
Consolidation structures resolve in the direction of the preceding trend 9 out of 10 times. Since $15,000, we are clearly in an upward trend. Therefore, by default, the resolution of this consolidation from last month should be upward.
In my opinion, as long as we don’t disrupt the bullish market structure, the default stance on BTC should be bullish. To disrupt it, we need to see closes below $24,800 on long-term charts.”
Many experts believe that the low trading volume in the summer months indicates a natural decline in demand. The “sell and go on vacation” approach that we have been warning about since April seems to be prevalent this year as well. We will see in a few weeks if buyers return to the game once the period ends.
