A widely followed crypto analyst believes Bitcoin (BTC) is now seeing the final days of its multi-month correction before witnessing the last parabolic rally of this cycle.
Pseudonymous analyst Credible Crypto tells his 412,200 followers on the social media platform X that he thinks Bitcoin could drop close to $50,000 before carving a local bottom.
The trader shares a chart suggesting that Bitcoin will trade around the $50,000 range in the coming weeks before igniting a parabolic rally en route to fresh record highs.
“Mid to high time frame outlook for the coming weeks. Almost there bull fam.”
Looking at the trader’s chart, he seems to predict that Bitcoin will begin its rally toward $100,000 by the end of September. He also notes that Bitcoin will likely begin forming a cycle top once it surges past $100,000.
But for now, the analyst highlights that the mostly sideways price action of Bitcoin over the last few months is noise and that BTC will likely see way higher prices in the coming months.
“All you need to take away from this is that all the ‘chop over the last five-six months has been a corrective (non-trending) move or ‘re-accumulation’ before the next leg higher.
The micro/short-term movements within this range are irrelevant (unless you’re an active trader like me) in the grand scheme of things.”
At time of writing, Bitcoin is trading for $59,416, down over 5% in the last 24 hours.
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