An analyst with a fast-growing following says he has one price target for Bitcoin’s (BTC) bottom before a bullish reversal could take place.
The pseudonymous trader known as Credible Crypto tells his 415,000 followers on the social media platform X that he’s anticipating BTC to pull off a relief rally before heading down further.
Credible says he sees BTC forming an “ultimate” price bottom just below $55,000.
“While we could technically still push lower to my ultimate $53,000-$54,000 target now, I think it makes the most sense for us to see some relief here first.
We got a decent flush of longs on this move down and there are a number of shorts above whose conviction has not yet been tested
Not sure if we will get above prior highs or fall short of them, but looking for one of the two scenarios to play out before continuing back down to the final $53,000-$54,000 target (and hopefully macro higher low).
Assuming we get this bounce I expect bounces across the board which is why I’ve taken profit on all shorts at this time.”
Source: Credible Crypto/X
In late August, Credible shared a chart suggesting that Bitcoin will trade around the $50,000 range in the coming weeks before igniting a parabolic rally en route to fresh record highs.
“Mid to high time frame outlook for the coming weeks. Almost there bull fam.”
Source: Credible Crypto/X
Looking at the trader’s chart, he seems to predict that Bitcoin will ignite big rallies after bottoming out below $55,000.
At time of writing, Bitcoin is trading at $58,917.
Generated Image: DALLE3