A closely followed crypto strategist believes that Bitcoin (BTC) traders are very close to feeling a fear of missing out (FOMO).
Pseudonymous analyst Credible Crypto tells his 346,400 followers on the social media platform X that he believes Bitcoin will ignite a strong move to the upside if it manages to reclaim a key level.
[adinserter block="1"]“The real FOMO, panic, and disbelief start once we break back above $29,000-$30,000. If you think this pump was strong, wait till that region is reclaimed… BTC.”
Credible Crypto’s outlook comes as Bitcoin jumped after news broke that digital asset manager Grayscale won its lawsuit against the U.S. Securities and Exchange Commission (SEC) over the approval of a spot-based BTC exchange-traded fund (ETF).
At time of writing, Bitcoin is worth $27,621, up nearly 6% in the last 24 hours.
According to Credible Crypto, it is likely that Bitcoin will keep soaring while traders wait for lower levels.
“Probably the most off-sides this market has been since $15,000 with everyone thinking $24,000 breakdown was a given.
The reality is there was no break in the market structure to justify the overly bearish sentiment. Maximum pain [scenario] is to just keep pumping and leave everyone who was waiting for a breakdown behind – like we have done so many times in the past.”
Meanwhile, fellow analyst Bluntz says that he’s not sold on the latest Bitcoin surge. According to the top trader, he sees Bitcoin and Ethereum (ETH) witnessing one more move to the downside before the real recovery begins.
“I’m still not 100% sold on this move up being a low on BTC or ETH.
I still think one more leg down needs to happen to complete a (5) of C for BTC and ETH before I’ll be happy to call bottoms.
The invalidation of this thesis is if we break $1,804 for ETH or $28,770 for BTC as wave fours can’t go within wave one territory.”
Bluntz is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bearish asset typically goes through an ABC wave before reversing its trend.
Looking at the trader’s chart, he appears to predict that Ethereum is due for one more correction before it rallies above $2,000.
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