A popular crypto strategist and trader has revealed that he predicts a strong breakout for Bitcoin as BTC continues to show bullish signs.
In a new strategy post, pseudonymous analyst Credible told his 318,400 Twitter followers that there will be a boom after the king cryptocurrency rises above its diagonal resistance.
“The market looks good. Bitcoin continues to crush and climb. [BTC] It looks great. This is exactly what we wanted to see. We have now broken the upper trendline of this potential triangle (pattern)…
We continue to see these minor effects on the lower timeframe… Now that we are exiting this consolidation, the upward move should be aggressive. You might explode at some point.”
According to Credible, a break above the triangle structure almost wipes out the possibility of Bitcoin pulling back to $36,000. However, he states that Bitcoin could still correct towards the $40,000 price range.
Examining the lower timeframes, Credible added that Bitcoin’s current market structure reminds of the price action in March 2020, when BTC abruptly recovered from the pandemic-induced decline. The analyst shared BTC’s four-hour chart during the March 2020 recovery, followed by Bitcoin’s price action on the one-hour time frame over the past few days (see below) to illustrate the similarities.
“This price action gives me a sense of vertical accumulation of $3,000.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.