The Bitcoin price is in the red again today and has fallen below 58,000 dollars. According to Credible Crypto, there is a big chance that we will fall even further with Bitcoin in the coming period, but in the slightly longer term he still predicts a parabolic rally. High time to take a closer look at his analysis.
Ultimate Bottom Approaching for Bitcoin
At this point, Credible Crypto still sees an “ultimate bottom” for Bitcoin below $55,000. “While we can still technically move lower towards my ultimate target of $53,000-$54,000, I think it makes sense to see some relief (read: gains) here.
“We’ve seen a decent flush of longs on the way down and a lot of shorts have untested conviction. I’m not sure if we’ll break above previous highs or just fall short, but I’m looking at both of those scenarios before we get to the ultimate bottom of $53,000-$54,000 (and hopefully set a higher macro low),” he said.
Judging from his chart, the analyst expects two scenarios. In both cases, Bitcoin should now make a small jump, and then fall all the way back towards $53,000-$54,000.
But after that it really has to happen.
Giant rally coming?
At the end of August, Credible Crypto shared a chart showing that it expects a parabolic rally, with Bitcoin price above $100,000.
Around the end of September he seems to expect a price explosion for the Bitcoin price. That explosion should start from relatively low prices, but with a higher low each time. So if we get below the lows of the crash of August 5, then his theory seems to be invalidated.
At the time of writing, the Bitcoin price is clocking in at $57,800, which seems to be another miserable bad time for the digital currency. Is this the moment when Credible Crypto is proven right and we drop towards $53,000-54,000?
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Source: https://newsbit.nl/bitcoin-hard-onderuit-maar-analist-is-optimistisch/
