Bitcoin to Hit $74,000 Before Correction Phase
The post Bitcoin to Hit $74,000 Before Correction Phase appeared on BitcoinEthereumNews.com.
TLDR Analyst “Credible” predicts Bitcoin will rally to its all-time high of $74,000 The predicted rally is expected to be a fakeout to trap bullish investors A larger correction is expected after hitting all-time highs The analyst forecasts Bitcoin will eventually reach $100,000+ after the correction The predicted bull market is now expected in 2024, not 2023 A well-known cryptocurrency analyst known as “Credible” has shared detailed predictions about Bitcoin’s price movement, suggesting a complex pattern of rises and falls ahead. The analyst, who maintains a following of 433,330 on X (formerly Twitter), outlined his forecast in a series of recent posts. According to Credible’s analysis, Bitcoin appears to be forming a bottom at current price levels, setting the stage for an upward push toward the all-time high of approximately $74,000. A quick look at some of our back-end data on $BTC here: The good: OI has nearly completed reset from the most recent rise as we are seeing some de-leveraging into support (65-69k) on this drop. This is a good sign for bulls. In addition, the perp premium that had spiked at our… https://t.co/1uDt2cL7EZ pic.twitter.com/omjV5T9f4n — CrediBULL Crypto (@CredibleCrypto) November 2, 2024 The analyst points to technical indicators on lower timeframes that suggest constructive market behavior. The cryptocurrency, currently trading at $69,080, has reached what Credible describes as a “pico bottom,” marked by a critical retest level visible on monthly timeframe charts. This level, represented by a yellow line in the analyst’s technical charts, serves as a key reference point for his predictions. However, Credible warns that the anticipated rally to all-time highs might not be what it seems. He suggests this move could be a deceptive one, designed to trap optimistic investors who enter positions late in the rally. The analyst’s broader market view indicates that after reaching…
Filed under: News - @ November 4, 2024 9:20 am