A popular crypto strategist and trader is predicting a strong breakout for Bitcoin as BTC continues to flash signs of bullishness.
In a new strategy session, pseudonymous analyst Credible tells his 318,400 Twitter followers that a Bitcoin eruption is in sight after the king crypto surged above its diagonal resistance.
“The market looks good. Bitcoin continues to grind up and climb up. [BTC] looks excellent. This is exactly what we wanted to see. We’ve now broken the upper trend line of this potential triangle…
We keep seeing on the lower timeframe these smaller impulses… Now that we’re breaking out of this consolidation, the move-up should be aggressive. You could just explode at some point.”
According to Credible, the breakout from the triangle structure virtually erases the odds of Bitcoin pulling back to as low as $36,000. However, he notes that Bitcoin can still correct to the $40,000 price range.
Looking at the lower timeframes, Credible highlights that Bitcoin’s market structure is reminiscent of its price action back in March 2020 when BTC abruptly recovered from the pandemic-induced crash. Credible shares BTC’s four-hour chart during the March 2020 recovery first followed by Bitcoin’s price action in the one-hour timeframe over the last few days to show the similarities.
“This PA is giving me $3,000 vertical accumulation vibes. When bullzooka candle?”
At time of writing, Bitcoin is exchanging hands for $44,791.