In the cryptocurrency world, Bitcoin (BTC) often comes to the fore. A hurricane is brewing for Bitcoin, according to a leading crypto strategist. Accordingly, BTC will experience a short correction before embarking on a significant upward journey.
Bitcoin analyst’s perspective
Credible Crypto, a famous analyst with a significant following, shared his views with his 346,700 followers on social media platform X. It suggests that Bitcoin could experience a decline to mid-$26,000 while remaining within an overarching bullish channel. He explains that corrective structures in the crypto market usually involve downward moves that pull back some of the previous impulse. On the other hand, impulse movements refer to price increases in line with the prevailing market trend.
According to Credible Crypto, what makes the situation particularly bullish is that corrective structures push prices sideways rather than pulling back previous gains. This phenomenon means a lack of sellers and strong demand, which shows the strength of the market.
Remarkable “vertical accumulation”
In Credible Crypto’s view, a corrective structure defies expectations by pushing prices upwards, resulting in further bullishness. Analsit calls this “vertical accumulation.” In this scenario, there is strong demand and limited selling pressure. This leads to price gains during a correction, which is typically a period of price decline.
Credible Crypto acknowledges the possibility of a drop to mid-$26,000. On the other hand, he suggests that extreme volatility and forced sales or liquidations will be required to reach this level. The analyst believes that the next upward move for Bitcoin will be explosive, regardless of where the current correction phase ends. Whether it stalls in the mid-$26,000s or lower, the market will see a significant uptrend in the near future.
Analyzing Bitcoin’s chart
Examining the chart, the analyst identifies a corrective Elliott Wave WXY pattern that could cause Bitcoin to decline in the $26,600 to $26,400 range. He also highlights the $28,000 level as an important indicator of the bull market. Despite the recent fluctuations, Bitcoin has shown its strength by maintaining the $27,000 level over the past few days. Credible Crypto points out that Bitcoin has shown surprising resilience, with options open interest pulling back after a decline.
However, the analyst predicts the possibility of “another rapid downward move” similar to recent market movements. He also remains cautious. At the time of writing, Bitcoin is trading at $27,096, down 0.4% in the last 24 hours.
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