One crypto analyst is issuing a warning that Bitcoin (BTC) is likely about to leave the station without giving traders any more good entries.
Pseudonymous analyst Credible Crypto tells his 346,000 followers on social media platform X that Bitcoin’s recent price action may appear similar to 2019, making some traders expect a large correction after BTC’s strength.
However, the analyst says that Bitcoin’s current market structure is different than its 2019 price action in that its rallies came much slower after building a proper base, rather than 2019’s sudden parabolic advance.
“The move from $3,000-$14,000 (bottom) was a parabolic advance and these are often followed by major crashes/corrections once the parabola breaks (a common % decline that is expected is 80+%), hence the very deep retracement.
Our current move is not parabolic at all which is just another reason I believe that those looking for a move to $20,000 or below will be left behind.
The parabolic part of this current move-up is yet to come. BTC.”
Credible says if Bitcoin is indeed in the beginnings of a big move to the upside, then BTC should not drop below $26,370, where the low timeframe impulse began.
“So far so good with our local impulse holding up. Here’s some more context:
We are currently trading above our mid-range, a level that has had some very clear and significant interactions with price over the last month…
We know that if this low timeframe impulse is the start of a much larger impulse, then the price should not go below it’s origin – marked off in the chart below.
So, while we hold above the mid-range, our next target is the range highs, with a first sign of weakness on a loss of the mid-range and clear invalidation right below that at the origin of this low timeframe impulse.”
At time of writing, Bitcoin is trading for $28,029, very close to the analyst’s range high target.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The…
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