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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Generated Image: Midjourney
