A closely followed crypto strategist and trader believes that a huge burst to the upside is coming for Bitcoin (BTC).
Pseudonymous analyst Credible tells his 433,330 followers on the social media platform X that Bitcoin is gearing up for a rally toward its all-time high at around $74,000.
But the crypto analyst warns that the rally will likely be a fakeout, designed to trap exuberant BTC bulls.
“Lower timeframes looking very constructive here – BTC looks to be forming a bottom here for that push to ATH (all-time high).
The yellow line on my chart that we tapped to mark our pico bottom is a very important retest level – if you want to know where it came from zoom out to the monthly timeframe and it should be clear.
Now let’s get that move to ATH and trap some late bulls…”
Credible highlights his high time frame outlook on BTC, believing that Bitcoin will witness one final flush-out before the real rally to $100,000 begins.
“Taking the higher time frame context into mind, my [belief is] that we may just be going for a sweep of the highs before a larger correction remains…
Bull market most definitely not canceled, largest most aggressive wave to the upside ($100,000+) still to come once this consolidation/correction is complete.”
As for the timing of BTC’s surge to new all-time highs, the analyst thinks the Bitcoin bull market will commence next year.
“No way we get it before the end of the year at this stage – this consolidation has lasted a lot longer than expected.”
At time of writing, Bitcoin is trading for $69,080.
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