A closely followed crypto strategist is predicting a parabolic rally for Bitcoin amid BTC’s strong bounce over the last few days.
In a new strategy session, pseudonymous trader Credible tells his 307,000 Twitter followers that Bitcoin may be in the midst of a high timeframe reversal.
The crypto strategist says that if a major reversal is actually underway, Bitcoin will go through strong rallies with little to no pullback.
“It’s not easy to tell where we started a new impulse until it’s already very, very apparent. And what I mean by that is we get a small impulse, we get a small consolidation. We get another small impulse ($47,000). We get some consolidation.
And at this point, people are thinking, ‘Okay, we’re at supply ($47,000). We’re going to head down from here.’ But realistically, what sometimes happens and what will typically happen if we’re already working on the next impulse is we’ll consolidate. And then, we’ll just lift off and continue up and get these aggressive impulsive moves followed by shallow consolidations and then more and more aggressive moves.”
Based on Credible’s chart, he expects Bitcoin to pull off a parabolic rally all the way above $60,000.
So far, Credible says that Bitcoin is following his script as it now rallies toward a key resistance area. According to the crypto analyst, Bitcoin’s reaction above $44,000 could further validate his thesis.
“Would have liked to have seen a pullback to around $39,000-$40,000, but the pullback was even more shallow/sideways than I was expecting… Now up against monthly supply so let’s see how BTC handles this.”
At time of writing, Bitcoin is trading at $44,058, up over 4% in the last 24 hours.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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