An analyst known for his unconventional calls in the cryptocurrency world, Credible, believes Bitcoin (BTC) is on the verge of a significant surge. The analyst, using the pseudonym Credible, shared with his followers on the social media platform X that the largest cryptocurrency might experience one last dip before making a major breakout.
Warning of Limited Downside Risk to 60 Thousand Dollars
Credible predicts that Bitcoin could drop to as low as $62,000 before triggering another parabolic rally to new highs. He suggested that the downside risk is limited to $60,000 at worst, with a more realistic low in the $62,000 to $63,000 range.
The analyst also added that there is a time frame of about seven to ten days before Bitcoin starts its significant upward movement targeting a price above $100,000.
Altcoin Investors Should Be Cautious
Moreover, the analyst expects this anticipated rally to shift the focus of cryptocurrency investors to Bitcoin, causing them to sell their altcoin holdings for fear of missing out on BTC gains. Credible envisions a scenario where Bitcoin prints a large impulse candle, drawing interest and liquidity from the altcoin market to BTC as its price becomes vertical.
In the short term, Credible believes Bitcoin will see another rally above $70,000 before a brief correction towards $64,000, and then rise to all-time highs. The analyst is confident that this formation will soon emerge as a significant breakout for Bitcoin.
At the time of his analysis, Bitcoin was trading at $69,577. Credible’s views suggest that investors, particularly altcoin investors, should prepare for a potential shift in market dynamics and that Bitcoin is poised to lead the next major rally in the cryptocurrency market.
The analyst’s predictions highlight the importance of closely monitoring Bitcoin’s price movements in the coming days. The expectation of one last dip followed by a strong rally indicates that traders and investors should be ready for increased volatility and the potential for significant gains. As BTC approaches this critical point, the market’s reaction will be crucial in determining whether Credible’s bullish outlook will materialize.
