Crypto Analyst: Bitcoin to Hit $74,000 Before Correction Phase
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 new highs, Bitcoin may experience a substantial correction. This pullback, rather than marking the end of the bull market, would set the stage for an even larger upward movement.
In terms of price targets, Credible maintains that after the correction phase, Bitcoin could surge beyond $100,000. He describes this future rally as potentially being the “largest, most aggressive wave to the upside” in the current market cycle.
The timing of these movements has shifted from initial expectations. The analyst notes that the current consolidation phase has lasted longer than anticipated, leading to a revised timeline for the bull market’s continuation.
Credible explicitly states that reaching new all-time highs before the end of 2023 is now unlikely. The extended consolidation period has pushed the timeline for major upward movements into 2024.
The analysis includes attention to specific technical levels that traders should watch. The yellow line mentioned in Credible’s charts, which marked the recent bottom, is highlighted as particularly important for understanding market structure.
For context, Bitcoin’s current price of $69,080 places it near previous all-time highs, but below the $74,000 level that Credible identifies as a key target for the next rally.
Bitcoin Price on CoinGecko
The analyst’s posts emphasize the importance of considering multiple timeframes in market analysis. While lower timeframes show constructive patterns, the monthly chart provides crucial context for understanding the larger market structure.
Credible’s warning about a potential bull trap suggests that traders should exercise caution despite positive price action. The analysis indicates that early enthusiasm could lead to losses if investors don’t prepare for the predicted correction.
The timing aspect of the prediction stands out as particularly noteworthy, with the analyst acknowledging that market movements have taken longer to develop than initially expected. This has led to the revised timeline pushing major movements into 2024.
The market’s current position at $69,080 represents a crucial juncture in relation to these predictions, as it sits below the predicted rally point but above previous support levels.
The prediction concludes with the expectation of a larger market correction before any sustained move above $100,000 can occur.
The post Crypto Analyst: Bitcoin to Hit $74,000 Before Correction Phase appeared first on Blockonomi.
