Cryptocurrency analyst “Credible” predicts that Bitcoin will rally to its all-time high of $74,000. However, this rally is expected to be a fakeout to trap bullish investors. A larger correction is predicted after hitting all-time highs. Credible forecasts Bitcoin will eventually reach $100,000+ after the correction.
The predicted bull market is now expected in 2024, not 2023. Credible, a well-known cryptocurrency analyst with 433,330 followers on X (formerly Twitter), recently shared detailed predictions about Bitcoin’s price movement. He claims that Bitcoin is forming a bottom at current price levels, setting the stage for an upward push toward the all-time high of approximately $74,000.
He points to technical indicators on lower timeframes that suggest constructive market behavior. According to Credible, the anticipated rally to all-time highs might not be what it seems. He suggests this move could be deceptive, designed to trap optimistic investors who enter positions late in the rally.
After reaching new highs, Bitcoin may experience a substantial correction, which would set the stage for an even larger upward movement. Credible maintains that after the correction phase, Bitcoin could surge beyond $100,000. He describes this future rally as potentially being the “largest, most aggressive wave to the upside” in the current market cycle.
The timing of these movements has shifted from initial expectations. The analyst notes that the current consolidation phase has lasted longer than anticipated, leading to a revised timeline for the bull market’s continuation. Credible explicitly states that reaching new all-time highs before the end of 2023 is now unlikely.
The extended consolidation period has pushed the timeline for major upward movements into 2024. The analysis includes attention to specific technical levels that traders should watch. The yellow line mentioned in Credible’s charts, which marked the recent bottom, is highlighted as particularly important for understanding market structure.
Credible’s warning about a potential bull trap suggests that traders should exercise caution despite positive price action. The analysis indicates that early enthusiasm could lead to losses if investors don’t prepare for the predicted correction. The timing aspect of the prediction stands out as particularly noteworthy, with the analyst acknowledging that market movements have taken longer to develop than initially expected.
This has led to the revised timeline pushing major movements into 2024. The market’s current position at $69,080 represents a crucial juncture in relation to these predictions, as it sits below the predicted rally point but above previous support levels. The prediction concludes with the expectation of a larger market correction before any sustained move above $100,000 can occur.
