Here’s What Could Signal the End of Current Bitcoin (BTC) Correction, According to Crypto Analyst
A closely followed analyst says that Bitcoin (BTC) must move above a key price area to signal the conclusion of its current price doldrums.
Pseudonymous analyst Credible Crypto tells his 346,300 followers on the social media platform X that BTC is still trapped in a range-bound environment.
In the short term, Credible Crypto says that Bitcoin will likely witness a shallow corrective move prior to a bounce.
“Still looking for a sweep of the lows under $25,200. I want to see $24,800 hold for a pushback into RED at $27,000.”
Source: Credible Crypto/X
According to the analyst, Bitcoin can start a new uptrend if it manages to break above its range high at around $28,200. The analyst says that the breakout will likely signal the end of BTC’s consolidation.
“This ranging price action aside, the two levels you should be watching for important bullish and bearish invalidations are 28,200 (breaking this means the bottom for this correction is in, in my opinion) and below us the same $24.800 level I’ve been talking about for some time now.”
The trader is also keeping a close watch on the Bitcoin dominance (BTC.D) chart, which tracks how much of the total crypto market cap belongs to BTC. According to Credible Crypto, BTC.D is signaling that the bear market price floor has already been set for Bitcoin as the chart continues to flash readings of bullish continuation.
A bullish BTC.D chart indicates that Bitcoin’s value is rising faster than other crypto assets.
Says Credible Crypto,
“Bitcoin dominance has broken out because we are seeing clean, impulsive (trending) price action for the first time in over two years.
Every impulse on BTC since our $15,000 lows brings with it another higher high on BTC dominance, followed by a higher low, and continuation. Bitcoin dominance is hinting that something is different this time – that this rally is more significant than any rally we have seen in the past two years. The message is clear: the bottom is in and we are in a new impulsive environment.”
Credible Crypto highlights that he believes Bitcoin will witness a strong uptrend en route to a fresh all-time high at the expense of altcoins.
“Money is flowing from alts into Bitcoin at levels we haven’t seen in over two years (since the last impulsive environment) and we can expect this to continue until BTC breaks new highs (which should trigger significant new capital inflow to the space).”
Source: Credible Crypto/X
At time of writing, BTC is worth $25,839.
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The post Here’s What Could Signal the End of Current Bitcoin (BTC) Correction, According to Crypto Analyst appeared first on Crypto News Australia.
Filed under: Bitcoin - @ September 10, 2023 12:14 pm