As Bitcoin (BTC) continues its strong bounce over the past few days, a closely watched crypto analyst Bitcoin (BTC) He announced that he envisioned a ‘parabolic rally’ for
Sharing his views on Twitter, the analyst, nicknamed Credible, told his followers that we may be in the middle of a range where Bitcoin may be in a high timeframe reversal.
Crediblle stated that if there is a major reversal, Bitcoin could continue its rally, with little or no pullbacks.
“Actually, it’s not easy to tell where to start a new impulse until the symptoms are too obvious. By that I mean we get a little impulse, we get a little consolidation. We get another small impulse ($47,000) and then we get consolidation again.
And at this point, people are like, ‘we have an okay supply ($47.00). We will go down from this level.’ But realistically, what sometimes happens and typically will happen if we are looking for the next impulse is that we will consolidate. And after that, we’re just going to keep going up and we’re going to start seeing these aggressive impulsive moves, followed by shallow consolidations, and then increasingly aggressive moves.”
Based on Credible’s chart, bitcoin priceHe expects the coin to make a parabolic rally above $60,000.
So far, Credible says that Bitcoin is following its scenario as it is currently heading towards a key resistance area. According to the crypto analyst, Bitcoin’s reaction above $44,000 could further confirm his thesis.
“I would have loved to see a pullback around $39k-40k but the pullback was shallower/sideways than I expected… Now we need to see how BTC handles this versus the monthly supply.”
At the time of writing, Bitcoin is trading at $44,058, up over 4% in the last 24 hours.
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.