Bitcoin's Technical Outlook Reflecting Its 2020 Performance, According to Analyst - COINTURK NEWS
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Bitcoin’s Technical Outlook Reflecting Its 2020 Performance, According to Analyst

8:24 pm (37 days ago)
August 21, 2023

Crypto analyst and trader Credible Crypto, who is closely followed in the crypto world, made a bold statement claiming that Bitcoin is reflecting a structure similar to the market in 2020, where the crypto king rose from around $16,000 to $60,000.

Analyst Claims Bitcoin’s Technical Outlook Reflects Its 2020 Performance

Anonymous crypto analyst Credible Crypto stated on his personal X account that Bitcoin will pull back to catch its breath after rising by approximately 100% this year. According to the analyst, Bitcoin’s price movement this year resembles its performance from March to August 2020, when the crypto king increased its value by around 200% before a month-long consolidation period:

The current structure is similar to the consolidation structure Bitcoin formed between $16,000 and $18,000 before a 60-day rally up to $60,000. Of course, fractals do not guarantee anything, but when the target and technical context are the same, they usually repeat. In this case, both of these structures are primarily horizontal, changing structures that emerge after a clean/net impulse (upward trend) and a nearly vertical rally from a significant bottom. This makes me believe that the purpose here is a reconsolidation and therefore the technical context is the same. In both cases, a significant higher time frame market structure has not been broken yet. In both cases, many people are calling for much lower levels.

“I Expect Bitcoin to Break Records by the End of the Year”

Credible Crypto emphasized that after the reconsolidation phase, Bitcoin went on a parabolic rally in 2020 and believes that it will happen again for BTC. He said:

Last time, the breakout from the consolidation range ignited the next leg that propelled Bitcoin by 200% in two months. All we need is the rally of 120% after breaking this consolidation range to reach a new all-time high (ATH), and this time, we have twice as much time (four months) to do it within this year. So, do I think Bitcoin will still hit new records this year? Absolutely, I do.

The analyst also added that if Bitcoin’s price falls below $24,800, the bullish scenario would be invalidated. According to CoinMarketCap data, the crypto king is currently trading at $26,077 with a 0.19% decrease in the last 24 hours.

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