Bitcoin’s ‘Next Move Up Should be Explosive’ Analyst Credible Crypto
Market analyst, Credible Crypto believes that Bitcoin (BTC) is poised for another market correction down to the mid-$26,000 range but expects the move up after the market has corrected to be explosive.
The analyst describes “‘Corrective’ structures” as movements that adjust or pull back from previous impulsive moves. Contrarily, he states, “‘Impulse’ movements advance price in the trend direction.”
Emphasizing the significance of sideways corrections, he mentions, “Such corrections after an impulsive move are so bullish,” because the usual retracement, the absence of sellers coupled with robust demand stabilizes the price, moving it sideways rather than downward until the next impulse.
Chart Projections and Bullish Confirmations
Credible Crypto’s analysis of chart patterns hints at Bitcoin potentially experiencing a corrective Elliott Wave W-X-Y pattern. This could mean a decline to between $26,600 and $26,400. And, he identifies the $28,000 threshold as a pivotal bull market confirmation.
Noting recent market activity, the analyst highlights Bitcoin’s resilience, especially its ability to sustain the $27,000 mark. This performance is even more notable as Bitcoin’s open interest for options saw a retraction. But, he cautions: “Expect another quick move [down] to shake out recent longs.”
‘Vertical Accumulation’ and What Lies Ahead
Delving deeper into market movements, Credible Crypto introduces the concept of ‘vertical accumulation.’ He describes it as a bullish trend when a corrective move pushes the price upwards, instead of a typical sideways or downward adjustment.
However, he does hint at bearish movements, saying “this is technically a corrective move (despite how bullish it is moving) so a move down to anywhere above the start of the impulse it is correcting.”
Story continues below…
Although he does conclude that reaching that point would require extreme volatility, combined with forced selling and liquidations, pushing through the active buyers below.
Credible Crypto concludes his bearish analysis with some positive sentiment however, saying, “All this is to say that the next move up should be explosive – regardless of where this corrections ends.”
