An analyst with a fast-growing following says he has one value goal for Bitcoin’s (BTC) backside earlier than a bullish reversal may happen.
The pseudonymous dealer often called Credible Crypto tells his 415,000 followers on the social media platform X that he’s anticipating BTC to tug off a aid rally earlier than heading down additional.
Credible says he sees BTC forming an “final” value backside slightly below $55,000.
“Whereas we may technically nonetheless push decrease to my final $53,000-$54,000 goal now, I feel it makes essentially the most sense for us to see some aid right here first.
We received a good flush of longs on this transfer down and there are a variety of shorts above whose conviction has not but been examined
Unsure if we’ll get above prior highs or fall in need of them, however in search of one of many two eventualities to play out earlier than persevering with again right down to the ultimate $53,000-$54,000 goal (and hopefully macro increased low).
Assuming we get this bounce I anticipate bounces throughout the board which is why I’ve taken revenue on all shorts presently.”
Supply: Credible Crypto/X
In late August, Credible shared a chart suggesting that Bitcoin will commerce across the $50,000 vary within the coming weeks earlier than igniting a parabolic rally en path to recent report highs.
“Mid to excessive timeframe outlook for the approaching weeks. Virtually there bull fam.”
Supply: Credible Crypto/X
Trying on the dealer’s chart, he appears to foretell that Bitcoin will ignite huge rallies after bottoming out beneath $55,000.
At time of writing, Bitcoin is buying and selling at $58,917.
Generated Picture: DALLE3
