Check out cryptocurrency expert Credible Crypto’s prediction of a Bitcoin market fall before an upsurge and market dynamics.
According to a well-known cryptocurrency strategist, Bitcoin (BTC) will see one more market drop before experiencing a significant upswing.
On the social networking site X, a pseudonymous analyst named Credible Crypto informs his 346,700 followers that while Bitcoin is expected to continue rising generally, it is expected to decline to at least the mid-$26,000 level.
In most cases, “corrective” structures are slope movements that go backward and “correct” some of the initial impulse.
Trending motions known as “impulse” movements propel price forward in the trend’s direction.
Because there aren’t many sellers and there is significant demand, the price travels sideways rather than down until the next impulse, which is why “sideways” corrections following an impulsive surge are so optimistic. This demonstrates strength.
What could be even more optimistic than that?
When the price surges and grinds up on a “corrective” structure rather than retracing the previous impulse or moving sideways. We are now genuinely moving upward, or what I like to refer to as “vertical accumulation,” as opposed to sideways. In this instance, a shortage of sellers combined with steady demand causes the price to grind up throughout corrections, even though we would normally anticipate it to move sideways or lower. Recall that, regardless how optimistically things are moving, this is officially a corrective action. Therefore, it is still possible to move down to any point above the beginning of the impulse it is correcting (the one on the chart I have included).
The only way we will get there, in my opinion, is if there is extremely high volatility and forced selling or liquidations that push us down and through the buyers who are actively buying below.
All of this means is that, if we are able to obtain some swift liquidations, the next move up should be tremendous regardless of where this correction concludes, which may be in the mid-$26,000s or lower.
According to the trader’s chart, Bitcoin appears to be creating a corrective Elliott Wave W-X-Y pattern, which might lead to a dip to between $26,600 and $26,400.
Additionally, he sees a bull market confirmation at $28,000. The trader claims that since Bitcoin’s open interest (OI) for options reversed following a decline, the cryptocurrency has shown “surprising” strength in holding the $27,000 mark over the past three days.
To shake out some of these recent longs, he still expects “just another quick move [down] like the last one.”
