Although the recent declines in the crypto money markets have worried investors, the analyst, known by the nickname Credible, made a hopeful prediction for Bitcoin. The analyst said that the cryptocurrency market will hit new highs sooner or later, and he considered the recent drop of BTC as a normal correction.
According to Credible, BTC’s drop at $30,000 should be seen as part of a longer-term parabolic rally and a natural volatility of the market. The analyst said that after this fall, BTC will rise again and reach new highs. predicts.
“If your macro thesis about Bitcoin has changed due to a $2,000 pullback after a vertical rally to $10,000 from $19,000 to $30,000, you’re in the wrong… Nothing has changed. Withdrawals on the way up are normal and healthy.”
Credible thinks that consolidating BTC below the $30,000 level is a way for Bitcoin to establish a footing before it breaks resistance. This can be considered as an important step for Bitcoin to establish a more robust uptrend. According to the chart shared by the analyst, Credible expects a medium-term price of around $45,000 by mid-July.
“Retesting key levels in crypto is common. (…) A $25,000 retest would be logical and healthy here. Also, the longer we stay below $30,000, the more time we have for *some* altcoins to rise. There won’t be an ‘alt season’, just a chance to enter some short-term alt rallies before BTC starts its next rally.”
Credible does not share the general view that Bitcoin is in a long-term bear market or accumulation phase. The analyst had previously shared the forecast with the following words:
“There is almost universal consensus in the crypto Twitter community (halving cycle theory) that this rally will end at 30-40k and give everyone 6+ months to accumulate before heading for the new ATH in ’24-’25. drop from 30,000, massive [tasfiyelere] and it was triggered by an unprecedented wave of black swan events that caused panic selling. I suspect that when we get these levels back we’ll just wait and let anyone panic-selling relax and reload for the 70,000 rides. This is not how things work.”
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