A closely followed crypto strategist believes that Bitcoin (BTC) is forming a technical pattern that could send the top digital asset by market cap skyrocketing.

Pseudonymous analyst Credible Crypto tells his 347,100 followers on the social media platform X that Bitcoin is printing a bullish pattern on the hourly chart that may send Bitcoin above $33,000 in the near term.

“Some call this a ‘cup and handle.’

I call it a ‘moon bucket.’

It’s literally in the chart.”

Source: Credible Crypto/X

With Bitcoin trading above $30,000, the analyst believes that BTC will go “a lot higher a lot faster” than most market participants can imagine, leading to a rally toward his midterm target.

“$30,000 BTC has been tested for the 3rd time. How many more tests until we rip through it and teleport to $40,000?”

In the long term, Credible Crypto thinks that the price of Bitcoin can reach a six-digit price tag.

“BTC ideally close to $100,000+, ETH not sure but probably new highs.”

While the analyst appears to be extremely bullish on BTC, he notes that is still within the realm of possibility for Bitcoin to retest its support around $28,700.

“A beautiful weekly close – reclaiming the level from which we broke down from nearly two months ago that led to the biggest liquidation event we have seen since the FTX collapse/bottom at $15,000.

If you’re lucky we get a clean retest of the green zone before continuation.

Send it. BTC.

Source: Credible Crypto/X

At time of writing, Bitcoin is trading for $30,682.

Generated Image: Midjourney

The post Crypto Analyst Says Bitcoin To Go Faster and Higher Than Most Traders Can Imagine – Here Are His Targets appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 23, 2023 7:13 am