The cryptocurrency market has been moving under the leadership of Bitcoin (BTC). Credible Crypto, a closely followed cryptocurrency analyst and strategist, believes that despite shallow declines, the largest cryptocurrency is in a position to make multiple upward movements.
Critical Level for Bitcoin According to the Analyst: $34,079
Credible Crypto, an anonymous cryptocurrency analyst and trader, stated on his personal account on the social media platform X (formerly known as Twitter) that investors who prefer to stay out of the market, expecting BTC to undergo a significant correction, will likely continue to stay out of the market. According to the analyst, as long as BTC trades above the critical level of $34,079, the upward trend in its chart will remain valid:
If you are still waiting for $30,000, $31,000, $32,000, or even $33,000, you may not find what you are waiting for. It is impossible for these lower targets to be reached without the price falling below $34,079.
The analyst noted that due to Bitcoin trading around $35,000, the largest cryptocurrency could rally after shallow pullbacks, stating, “Now, we will continue with chain rallies up to $40,000 and even to all-time highs.”
$34,200 Still in the Mix
Credible Crypto emphasized that a correction towards $34,200 is still possible after the small liquidation move over the weekend:
This is where I will be watching for a change in momentum towards the upside as we have the doors open again to the lows of the range we’ve previously cracked the door open for. Also, to be clear, this does not mean we have to go to the bottom of the range to complete this correction.
Saying that ‘the doors are open to the bottom of the range again’ means that this is once again a viable/healthy downside target. You can potentially rise without seeing this level. If there is no upward movement, the range bottom becomes the most logical and likely place for the start of the rally, and a move towards this bottom will not disrupt the upward structure in the lower time frame.
