A cryptocurrency strategist renowned for his timely predictions on Bitcoin asserts that BTC is set to reach a new all-time high within a few months.
The pseudonymous analyst Credible Crypto shares with his 462,900 followers on social media platform X that he believes Bitcoin is currently fluctuating within a broad range, spanning from $110,000 to $88,000.
While the analyst anticipates that Bitcoin’s consolidation will eventually lead to upside movement, he forecasts a preliminary dip into the low $80,000 territory to liquidate weak-handed traders before initiating a parabolic rise.
“On the higher time frame for BTC, it would be beneficial to complete this multi-month consolidation with a solid base, as illustrated, prior to the next impulse.”
“The current focus is on two ranges – a lower time frame (blue) and a higher time frame (black).”
“It’s uncertain whether we will touch the highs of the lower time frame range first (blue arrow), but ideally, I would prefer to see a move below the higher time frame range lows before a reversal, reclaiming, and an impulsive upward move.”
Analyzing the trader’s chart, it appears that after the expected correction, Bitcoin could surge to a new all-time high of $126,000 by April of this year. The chart further indicates that if BTC triumphantly surpasses the $110,000 resistance, the analyst’s short-term bearish perspective would be invalidated.
At the time of writing, Bitcoin is priced at $96,616, reflecting a slight increase for the day.
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