Elena R
A closely followed crypto analyst and strategist Credible believes Bitcoin will take off its bull rally by the year-end and the current downturn of the price is a way to move traders out of the market.
The crypto analyst who is pseudonymously known as Credible informs his 328,200 Twitter followers that right now Bitcoin price is undergoing a correction mode and this is phase is just before surging above a whopping $100,000 by 2023
“Mid-cycle corrections are designed to shake you out, and they’re quite effective. Just ask the guys who sold BTC under $10k during the March capitulation event before BTC ran 1,500%. Patience. [High timeframe] structure remains intact. It’s really quite simple.”
According to Credible’s chart, Bitcoin price action looks bullish as it is seen that the flagship currency is continuing with its bull run making the pattern with higher highs and higher lows.
On the other hand, the crypto strategist Credible asserts that as per his prediction Bitcoin bears will pull the currency’s price towards $36,400 before bulls take the control to reverse its price movement.
“Looking for a repeat of what we saw in GREEN here in ORANGE. That is a sweep of unswept lows into demand and then a reversal. We have a high timeframe bullish divergence I mentioned previously that would get invalidated on a high timeframe close below $36k, so I don’t want to see us down there for long. BTC.”
At the press time, Bitcoin is trading at $39,309 with a surge of 2.28% over the last 24hrs.
Curve Finance ( $CRV ) Price
Another currency that Credible is closely watching is the price action of Curve (CRV) which is the governance token of a decentralized exchange called Curve Finance. So as per the crypto analyst, Curve is also set to face a bearish pull before rallying towards a breakout.
“Since my last chart, we rejected off resistance and put in a higher low. We have been in this consolidation structure for three months now. Like BTC, I think CRV is basing before a full-on reversal. A pullback to $2.20-$2.40 and then looking for a break of resistance.”
At the time of reporting, CRV Price is trading at $2.46 with a downfall of 0.49% over the last 24hrs.
