Pseudonymous trader and analyst Credible is doubling down on a contrarian view that Bitcoin (BTC) and digital asset markets are en route to new highs sooner rather than later.
The analyst tells his 340,000 Twitter followers that BTC’s recent pullback from the $30,000 level is a normal correction, part and parcel of a longer-term parabolic rally.
“If your macro thesis on Bitcoin has changed because of a $2,000 pullback after a $10,000+ vertical rally from $19,000 to $30,000+ you’re doing it wrong…Nothing has changed. Pullbacks on the way up are normal and healthy.”
Credible says that BTC consolidating below the $30,000 level is Bitcoin’s way of building a base before exploding through its resistance. Based on his chart, he gives a medium-term target of about $45,000 by mid-July.
“Retests of key levels are common in crypto. The last major retest we had was at $19,000 before our rally to $30,000+. A retest of $25,000 here would be logical and healthy.
Also, the longer we chop around below $30,000 the more time we have for *some* alts to pump. Not an ‘alt season,’ just a chance to play some short-term alt pumps before BTC starts it’s next leg.”
At time of writing, Bitcoin is trading at $27,416.
Credible has previously put forth a view that BTC is heading above six-figures sooner than anyone expects. He does not share the common outlook that Bitcoin is in a long-term bear market or accumulation phase.
“It is almost universally agreed upon on CT (Crypto Twitter) that this rally will end in the $30,-000-$40,000 and give everyone six+ months to accumulate before we head for new all-time highs in ’24-’25 (halving cycle theory).
The collapse from $30,000 was triggered by an unprecedented wave of black swan events that caused mass [liquidations] and panic selling – I seriously doubt that once we reclaim these levels, we are just going to hang around and let everyone who panic sold comfortably take their time and reload for the ride to $70,000+. That’s just not how these things work.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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