A popular crypto analyst is predicting a major bullish move for Bitcoin (BTC) in the coming weeks. Credible Crypto, who has over 344,900 Twitter followers, says that BTC is currently in a period of record low volatility, or “compression,” which typically precedes a major breakout.
Credible Crypto points to a chart from fellow analyst TechDev, which shows that BTC’s three-week chart is approaching compression levels that have previously signaled the start of bull markets since 2012.
Read Also: Bloomberg Strategist Doubles Down On Bitcoin (BTC) to $100,000 Forecast. But There Is a Catch
“Historic compression leads to historic expansion,” Credible Crypto says. “Imagine looking at this chart and thinking ‘Yea, $10,000 incoming.’ A ticking time bomb till bear extinction. BTC.”
Historic compression leads to historic expansion…imagine looking at this chart and thinking "yea, 10k incoming".
A ticking time-bomb till bear extinction. $BTC https://t.co/xyAwqyC0X4
— CrediBULL Crypto (@CredibleCrypto) August 11, 2023
The analyst also dismisses concerns from some BTC bulls that the recent lack of price movement is a sign of weakness. Credible Crypto says that sideways price action is simply a sign of consolidation, which is a neutral market condition.
“When the price is moving sideways, it means that neither bears NOR bulls are in the driver’s seat – consolidation is by definition NEUTRAL,” he says. “Buyers and sellers have reached an equilibrium.”
Read Also: Dormant Bitcoin Whale Moved BTC worth $31 Million after 11.3 Years. Here’s the Destination
Credible Crypto adds that 9 out of 10 times, consolidation structures resolve in the direction of the trend that preceded them. Since Bitcoin has been in a strong uptrend since $15,000, he expects the current consolidation to resolve to the upside.
“Your default stance on BTC here should be bullish, in my opinion, unless we start breaking bullish market structure,” he says. “First, lowest timeframe level of bullish market structure that matters is $24,800, marked on the chart.”
If Credible Crypto’s prediction is correct, Bitcoin could be in for a major price rally in the coming weeks. The analyst is not the only one who is bullish on BTC at the moment. Many other analysts believe that the cryptocurrency is poised to break out to new all-time highs in the near future.
Only time will tell if Credible Crypto’s prediction comes true. But for now, it seems that Bitcoin is setting up for a major move to the upside.
Follow us on Twitter, Facebook, Telegram, and Google News
