A popular crypto strategist believes that the price of Bitcoin (BTC) may experience a meteoric rise. He claims that BTC will experience a consolidation period after the rise. Details are here.
The analyst, known as Credible in the crypto markets, said that the Bitcoin price will come back and retest a very important support level. predicts. According to the analyst, this pullback will likely set the stage for a massive Bitcoin rally to the $40,000 resistance.
“Potentially these high levels [25.600 dolar] We can climb over it and then come back. here [22.000 dolar] area will be an important support area… So it is definitely possible for us to break through the peaks and come to this support and consolidate a bit here, continue up for a more gradual increase and then bounce off that level.”
As we have previously reported, Bitcoin has experienced an unexpected spike. Given this recent rally of BTC, Credible thinks a return to the $18,000 price area is now highly unlikely.
“These levels [18.000 dolar] I can’t ignore the case of retesting. Again, it makes sense for him to test these levels. I cannot ignore this. But with that strength and the aggression of this upward move, other scenarios emerge that make this kind of retesting slightly less likely.”
Koinfinans.com As we reported, Credible believes that if Bitcoin continues to rise aggressively, BTC could consolidate above the $25,000 price area before rapidly rising to a target of around $40,000.
“If we manage to surpass $25,000 and consolidate above this zone, then we may see consolidation before the next big rally.”
At press time, Bitcoin is trading at $25,109. A move towards the analyst’s target creates a 59% bounce potential for BTC.
You can follow the current price action here.