Credible Crypto, a well-known cryptocurrency analyst and strategist known for his accurate predictions, has reported that an important bullish formation has formed on Bitcoin’s (BTC) chart. According to the analyst, the largest cryptocurrency could make a significant breakout below this formation.
Critical Hours Begin for Bitcoin
Anonymous cryptocurrency analyst Credible Crypto stated on his personal X account that Bitcoin has formed an important bullish formation, called the cup and handle formation, on the hourly chart. He also said that this formation could push the largest cryptocurrency above $33,000 in the short term. The analyst stated the following in his Bitcoin analysis:
Some call it the cup and handle. I call it the moon bucket. The details of the formation can easily be seen on the Bitcoin chart.
Credible Crypto stated that if Bitcoin starts trading above $30,000, the largest cryptocurrency will rally to much higher levels much faster than most market participants can imagine, reaching its medium-term target of $40,000.
At the time of writing this article, the price of the crypto king is trading at $30,557, experiencing a 2.21% increase in the last 24 hours. The critical point that the analyst pointed out for BTC, the candlestick closure that will occur at 02:59 AM on October 24, will be crucial. If the candlestick closure is above or around current levels, it is possible that the upward momentum will continue.
Furthermore, Credible Crypto emphasized that he expects Bitcoin’s price to reach six-digit levels in the long term and stated, “I expect BTC to ideally go near $100,000. I’m not completely sure, but it will likely reach new highs in ETH as well.”
Analyst’s Warning at $28,700
Although the analyst seems to be on the side expecting a significant rise in BTC, he stated that there is still a possibility of retesting the support level around $28,700 and used the following statements:
We had a nice weekly close and we surpassed the region that caused the biggest liquidation event we’ve seen since the FTX crash/15k bottom about two months ago. Hopefully, we will smoothly retest the green region before the continuation of the rise.
