TLDR
- Bitcoin currently trading at $69,080
- Analyst “Credible” predicts rise to $74,000
- Warning issued about potential bull trap
- Major correction expected after reaching all-time high
- $100,000+ price target moved to 2024
A respected cryptocurrency analyst with over 433,000 followers on X (formerly Twitter) has released new predictions about Bitcoin’s price trajectory.
The analyst, known as “Credible,” suggests Bitcoin will reach $74,000 before experiencing a substantial market correction.
Bitcoin currently trades at $69,080, positioning it near previous all-time highs but below the predicted target. The analysis indicates that Bitcoin appears to be forming a bottom at current levels, setting up for an upward push toward the $74,000 mark.
Technical indicators on lower timeframes show what the analyst describes as constructive market behavior. The cryptocurrency has reached what Credible terms a “pico bottom,” marked by a critical retest level visible on monthly timeframe charts.
The analyst’s technical charts highlight a yellow line representing a key reference point for these predictions. This line marks recent bottom levels and serves as an important indicator for understanding the current market structure.
Traders should note that the anticipated rally to all-time highs comes with a warning. According to Credible, this move could prove deceptive, potentially trapping optimistic investors who enter positions late in the rally phase.
The broader market perspective suggests that after touching new highs, Bitcoin may undergo a notable correction. Rather than marking the end of the bull market, this pullback would create conditions for an even larger upward movement.
Looking beyond the correction phase, the analyst maintains that Bitcoin could move past $100,000. This future rally is described as potentially being the “largest, most aggressive wave to the upside” in the current market cycle.
The timeline for these predicted movements has shifted from earlier forecasts. The current consolidation phase has continued longer than initially expected, pushing the timeline for the bull market’s continuation into 2024.
Credible now states that reaching new all-time highs before the end of 2023 appears unlikely. The extended period of consolidation has resulted in a revised schedule for major upward movements, with key targets now set for 2024.
The analysis emphasizes the importance of monitoring specific technical levels. The yellow line in Credible’s charts, which marked the recent bottom, remains a crucial element for understanding market structure and potential price movements.
Multiple timeframes play a key role in this market analysis. While shorter timeframes display constructive patterns, the monthly chart provides essential context for understanding the larger market structure.
The warning about a potential bull trap suggests caution despite positive price action. The analysis indicates that early excitement could result in losses if investors fail to prepare for the predicted correction phase.
The market’s position at $69,080 represents a key point relative to these predictions, as it remains below the predicted rally point but above previous support levels.
Recent price action shows Bitcoin maintaining stability near current levels, while technical indicators suggest potential for upward movement. The analysis points to specific chart patterns supporting the prediction of a move toward $74,000.
The prediction concludes with expectations of a substantial market correction before any sustained move above $100,000 can occur.
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