A crypto strategist believes Bitcoin (BTC) is gearing up to mimic its strong rally earlier this year when the flagship crypto printed nearly 30% gains in about a month.
Pseudonymous analyst Credible Crypto tells his 346,700 followers on the social media platform X that Bitcoin’s current price action looks similar to its market structure in June when BTC surged from a low of around $25,000 to a 2023 high of $31,850.
According to the trader, Bitcoin is likely consolidating after its recent rally just like what happened about three months ago.
— CrediBULL Crypto (@CredibleCrypto) September 17, 2023
Credible Crypto’s prediction comes after BTC’s strong performance last week. According to the analyst, Bitcoin printed a bullish engulfing candle the previous week, a technical pattern that may signal the start of an uptrend.
“Weekly has closed. Bullish engulfing candle confirmed, BTC.
Remember, it’s not just about this candle in isolation, it’s about the context surrounding this close that makes me so bullish.”
The crypto strategist is also highlighting the significance of the bullish engulfing weekly candle. Credible Crypto says that the candle holds more weight after BTC bulls managed to defend a key support level.
“The bullish engulfing candle in and of itself is not that impressive – it’s when you look at it in context that you realize how significant it is.
That is, after four red weekly candles, we STILL failed to break the bullish market structure at $24,800, moved generally sideways, and we now have a bullish weekly engulfing to signal a potential reversal.
When you put it all together, it’s much more than just a simple bullish engulfing candle.”
At time of writing, Bitcoin is worth $26,733.