An analyst known for making contrarian crypto calls believes that Bitcoin is on the verge of a significant upward movement. Credible, a pseudonymous analyst with a large social media following, predicts that Bitcoin may experience a slight dip before embarking on a massive rally to new record highs. He suggests that Bitcoin could fall as low as $62,000 before starting its parabolic ascent.
Despite the potential for a brief decrease in value, Credible asserts that the downside is limited to $60,000, with a more realistic floor around $62,000 to $63,000. He expects this level to be surpassed quickly, with a surge in Bitcoin’s price expected within the next seven to 10 days. The analyst anticipates Bitcoin reaching $100,000 or more in the near future.
Credible also predicts that Bitcoin’s surge will prompt traders to sell off their alternative coin holdings in order to capitalize on the potential gains from Bitcoin. He describes this scenario as Bitcoin printing an “absolute chad of an impulse candle,” which would attract attention to the cryptocurrency and lead to a flow of liquidity out of other altcoins and into Bitcoin as it enters a vertical trajectory.
Looking ahead, Credible foresees Bitcoin making one more push above $70,000 before experiencing a correction back to around $64,000. However, he remains optimistic about Bitcoin’s long-term prospects, expecting the cryptocurrency to rally to new all-time highs. In conclusion, he expresses his confidence in Bitcoin’s future by simply stating, “Manifesting.”
At the time of writing, Bitcoin is currently valued at $69,577. Credible’s predictions and analysis provide insight into the potential future movements of Bitcoin, offering valuable information for traders and investors in the cryptocurrency market. As Bitcoin continues to make headlines with its price movements, it will be interesting to see whether Credible’s forecasts come to fruition in the coming days and weeks.
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