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COINTURK NEWS > Cryptocurrency News > Crypto Analyst: Bitcoin is Ready for a Bullish Move After Recent Dip
Cryptocurrency News

Crypto Analyst: Bitcoin is Ready for a Bullish Move After Recent Dip

In Brief

  • Crypto analyst Credible Crypto, closely followed by crypto investors, stated that Bitcoin (BTC) is ready for a rise after dropping below the $28,000 level. The analyst also issued a warning about the ETH/BTC trading pair.ContentsAnalyst Answers the Question “What’s Next for Bitcoin?”Warning of Further Decline in ETH/BTC Trading Pair Analyst Answers the Question “What’s Next […]
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Crypto analyst Credible Crypto, closely followed by crypto investors, stated that Bitcoin (BTC) is ready for a rise after dropping below the $28,000 level. The analyst also issued a warning about the ETH/BTC trading pair.

Contents
Analyst Answers the Question “What’s Next for Bitcoin?”Warning of Further Decline in ETH/BTC Trading Pair

Analyst Answers the Question “What’s Next for Bitcoin?”

Anonymous crypto analyst Credible Crypto expressed on his personal account on social media platform “X” that BTC is at a key support level and expects a reversal of the downward trend. In his comments about BTC, the analyst said:

Were you expecting a rise when the price was at its highest levels? Just as I mentioned a few days ago that I expected a short-term decline when the price was at its highest levels, now I’m saying it’s almost time to return to a bull market. Considering that the equal bottoms are around $27,100, selling at these levels could be risky. If the price is above $24,800 on a higher time frame, it means that a long-term uptrend may begin.

The analyst warned that Bitcoin may experience a quick pullback below the $27,000 level before moving upwards for its next bullish move:

With the mid-range test around $26,700, it is quite likely that the target will be at least $27,100. When looking at a broader perspective, you can see that there is liquidity under a lot of selling pressure after accumulating above. At the same time, open interest (OI) is peaking, indicating the levels that point to the last five local tops. We are at a point where the direction is quite clear. The main question is how much we will decline.

In order for the bullish outlook on a higher time frame to remain intact, the price must not fall below $24,800. Currently, we are retesting the mid-range, and if the price stays above this range, we may hit the bottom sooner. Otherwise, a quick pullback below $26,000 can provide an excellent low-risk and high-reward entry opportunity.

Warning of Further Decline in ETH/BTC Trading Pair

The analyst also examined Ethereum against Bitcoin (ETH/BTC) and warned that it may further decline in the short term before the dominant downtrend turns into an uptrend:

Since I shared this post where I predicted a decrease of more than 50% for ETH/BTC, it has dropped about 30%. I know that many people see these levels as a bottom, but I think ETH/BTC will further decline before Bitcoin’s major upward movements occur.

After this decline, there will be a significant melt-up. While waiting for Bitcoin to start its journey, I believe ETH and other altcoins will have the opportunity to enjoy a bigger journey. Don’t be afraid of this upcoming decline, consider it as an opportunity.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 12 October, 2023 - 9:33 am 12 October, 2023 - 9:33 am
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