Credible, a leading crypto analyst known for his insights, made a bold prediction about the future trajectory of Bitcoin (BTC) and its dominance over altcoins. With a large following, Credible suggests that Bitcoin will continue to reign as the top cryptocurrency and potentially initiate a parabolic rally to reach a six-figure price.
Summarizing the Potential Price Path
Drawing from the Elliott Wave theory, which suggests that rising assets typically undergo five-wave rallies before a consolidation phase, Credible predicts that Bitcoin could rise to around $105,000. This forecast comes amidst growing expectations in the crypto world for Bitcoin’s next significant move, especially following the recent price drop.
Although Credible foresees a short-term rise in Bitcoin’s price to the $70,000 range, supported by leveraged traders, he expects this surge to be followed by a decline. The analyst points to indicators such as Bitcoin’s open interest (OI – a measure of unsettled derivative contracts) and anticipates a retracement to around $63,000 before entering a consolidation phase.
While funding rates, an indicator of market sentiment, remain relatively stable, the increasing OI points to the potential for more volatility in the price of the largest cryptocurrency. The analyst suggests that before any significant upward momentum, Bitcoin’s rally would likely follow a retest of the $63,000 support level, advising caution and patience.
Bitcoin at a Critical Threshold
Current data shows that Bitcoin has traded at $63,082 in the last 24 hours, a 6.91% decrease, just above the threshold indicated by the analyst. Despite short-term fluctuations, Credible’s analysis follows broader market sentiment surrounding Bitcoin’s potential to overshadow altcoins with a significant rally.
The analyst’s views come amidst a broader narrative shift in the crypto market, where investors closely monitor Bitcoin’s dominance and its impact on the altcoin world. As Bitcoin prepares potentially to reclaim its dominant position in the market, traders and investors remain on alert for signs of sustained upward momentum.
