A popular crypto strategist says he still expects Bitcoin (BTC) to ignite a strong rally by the end of the year, noting that the current bearish price action is designed to shake traders out of the market.
Pseudonymous analyst Credible tells his 328,200 Twitter followers that BTC is going through its last corrective phase before it skyrockets above $100,000 by 2023.
“Mid-cycle corrections are designed to shake you out, and they’re quite effective. Just ask the guys who sold BTC under $10k during the March capitulation event before BTC ran 1,500%. Patience. [High timeframe] structure remains intact. It’s really quite simple.”
Looking at Credible’s chart, Bitcoin’s market structure remains bullish as it continues to print higher highs and higher lows.
In the short term, Credible says he sees Bitcoin pulling back to $36,400 before reversing its trend.
“Looking for a repeat of what we saw in GREEN here in ORANGE. That is a sweep of unswept lows into demand and then a reversal. We have a high timeframe bullish divergence I mentioned previously that would get invalidated on a high timeframe close below $36k, so I don’t want to see us down there for long. BTC.”
At time of writing, Bitcoin is trading at $38,071, down over 6% in the last 24 hours.
Credible is also watching the price action of Curve (CRV), the governance token of stablecoin-focused decentralized exchange Curve Finance. According to the crypto analyst, CRV will likely pull back to its immediate support before breaking out.
“Since my last chart, we rejected off resistance and put in a higher low. We have been in this consolidation structure for three months now. Like BTC, I think CRV is basing before a full-on reversal. Pullback to $2.20-$2.40 and then looking for a break of resistance.”
Curve is currently changing hands for $2.36, down over 13% in the past day.
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