An analyst known for making timely Bitcoin calls is outlining what he believes is the most bullish scenario for BTC as the crypto king struggles to sustain a rally above $110,000.
In a new strategy session, pseudonymous analyst Credible tells his 70,100 YouTube subscribers that he thinks Bitcoin will not retest a key psychological level as support if BTC is in the midst of an aggressive uptrend.
“If we are in the most bullish scenario, then we will not take these lows [at $100,000]. We’ll simply find buyers above these lows, will front run them and we’ll continue higher.”
But the trader notes that even in the most bullish case, he expects BTC to witness a different kind of correction, one defined by time rather than price.
“These corrective structures can drag out as we well know by now, and they take a lot of different shapes and forms, but at the end of the day what we have here is some combination of corrective, choppy price action before the next impulse starts.
And so even if we make marginal higher highs, but if we’re not moving up with momentum, then we can pull back down and just chop around for a bit longer.
I’d like the green zone to be tapped ideally. And in the most bullish case, that’s as low as we go. Whether we take the highs or not, it doesn’t matter. And then we just get more chop and then we erupt again impulsively.”
Looking at the trader’s chart, he seems to predict that BTC will surge to $140,000 in his most bullish scenario.
At time of writing, Bitcoin is trading for $105,226.
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